- The Solana price recovery is just 5.5% away from challenging a cluster of key resistances at $145.
- Santiment data shows weekly wallet creation has dropped sharply from late-2024 levels.
- The SOL coin holding below the 100-and-200-day EMA slope indicates a broader bearish trend in this asset.
The Solana price is up 0.7% during Monday’s U.S. market hours to trade at $140.6. Despite the intraday gains, the daily chart highlights overhead supply against its price with a long-wick rejection. The headwind can be attributed to broader market consolidation and a continued decline in network growth as the amount of new weekly wallets are dropping. Will the SOL coin manage to reclaim the $150 floor?
SOL Price Recovery Faces Headwind From Weak Network Growth
The first two weeks of 2026 have been notably bullish for the crypto market. Following the momentum, the Solana price climbed from $123 to $141, accounting for a 15% growth. Consequently, the asset market cap bounced to $79.1 billion.
However, the trading volume backing this recovery still shows a downsloping to lateral trend, indicating lack of strong conviction from buyers to reclaim lost growth.
On-chain indicators show a significant slowdown in new account creation in comparison to highs in late 2024. According to Santiment data, the amount of new weekly wallets created has plunged from over 30 million in November 2024 to 3.5 Million now
This downtrend indicates a significant decline in the number of new participants entering Solana, which is a key metric in reflecting its network growth.
Over the longer view from 2024 through early 2026, Solana has had a mix of surges and retreats in valuation and ecosystem metrics. The late 2024 rally was backed by an increasing number of new wallets suggesting a sustainable price increase, backed by growing fundamentals.
In addition, the mid-2025 rally in Solana price witnessed a quick reversal as the new wallet creation continued to decline. As the trend persists, the SOL coin could struggle to drive a sustainable recovery trend ahead.
Solana Price Heading Close to Make-or-Break Barrier
Over the past two months, the Solana price has been driving a sideways trend, resonating between $146.5 and $116.8. As mentioned above, the decline in trading volume amid current lateral trend may suggest the prevailing bearish momentum is weakening but the bullish momentum is also yet to pick up.
As the SOL price is heading close to $145 breakout, the market activity must witness sufficient
volume to bolster this recovery. The potential breakout will further accelerate buying and bolster the altcoin regains $150 and $175 mark.
The momentum indicator RSI at 60% accentuate the steady buying pressure
On the contrary note, $145 resistance is coinciding closely with a downsloping trendline that has been driving the mid-term correction trend in price. The 100-day EMA slope offers an additional barrier against price recovery at the same level, creating a high-area of interest for market participants.
If the resistance holds, the Solana price could witness renewed selling pressure and create a fresh higher low formation in the daily chart.
Also Read: Bitcoin Stalls at $90K as Rare 12-Month Indicator Nears Make-or-Break Level
