During its recent upward performance, Solana attracted a significant number of retail and whale investors, which helped bolster the upside move. Even though the altcoin’s price has briefly pulled back, substantial buying activity is still observed among the smallest SOL holders.
Shrimp Wallets Multiply On The Solana Network
Solana’s price is struggling below the $170 mark after a sudden decline on Monday across the general crypto market. Prior to the waning price performance, Ali Martinez, an on-chain and technical analyst, revealed an underlying bullish attitude and participation from the smallest SOL holders.
According to the on-chain expert, the Solana network is witnessing a sharp increase in small-holders’ participation. Specifically, this continued accumulation is seen among wallet addresses holding 0.1 SOL or more, typically considered as Shrimp holders.
After examining the data on these investors, Ali Martinez stated that the shrimp holders have risen significantly to about 11.16 million, marking a new all-time high. The rise in shrimp wallets was reported as SOL’s price surged to $173.43, a key zone that is now acting as a robust resistance zone as the altcoin trades below it.
This sharp increase highlights the growing interest of retail investors and grassroots decentralized network activity. It also implies a strong base of regular users who are gradually adding to and interacting with the Solana ecosystem, which could pave the way for more sustainable growth in the future.
Such growing conviction is an indication of SOL’s network capacity and large user base as it continues to dominate the blockchain sector in 2025. Curb.sol, an investor and crypto enthusiast, highlighted SOL’s dominance in the blockchain sector after a huge spike in its market share.
While other chains have struggled with growth in current market conditions, Solana has persistently witnessed a surge in network activity and sentiment. In terms of weekly revenue, the expert reported that the SOL network is currently leading the charge, amassing more revenue than all other chains put together.
Data shows that its market share has risen to more than 51%, outpacing Tron, Ethereum, Bitcoin, and BNB, recording 18.5%, 15.8%, 7.5%, and 4.0% growth, respectively. If network fundamentals and sentiment maintain a bullish trend, it could trigger a recovery phase for SOL’s price back to key resistance levels.
SOL Set To Enter A New Bull Market Phase?
Historically, heightened network activity has preceded price spikes, suggesting that SOL’s price might be preparing for its next move. However, Ali Martinez has underlined a crucial price zone that the asset must break to ignite its next upward trend.
As Solana gears up for a rebound, the expert identified the area between $176 and $188 as the next key resistance range ahead. Should the altcoin surpass this price range, Martinez is confident that the move may serve as a launchpad to a new bull phase.
Featured image from Adobe Stock, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
