Solana’s (SOL) on-chain data has reported wallet growth and major exchange outflows, pointing to a shift in user behavior. According to a recent tweet by Ali Martinez, over 11.12 million wallets hold more than 0.1 SOL, marking a new all-time high in-network use.
Between March 18 and March 27, Solana recorded increased active wallet addresses holding at least 0.1 SOL. The number reached 11.198 million by March 27, marking a sharp rise in user activity. The most jumps occurred on March 20, contributing to a consistent upward trend through the end of the week.
The increase in the overall number of wallets was accompanied by price changes. Solana reached $132 on March 18 and got as high as $142.97 or as low as $138.44 by March 25. The price behavior correlates to the increased activity visible on-chain, which could be attributed to the new users or investments during this period.
Exchange Outflows Point to Long-Term Holding Behavior
In parallel with the wallet growth, Solana has also been experiencing constant exchange outflows since June 2024. The inflow increased in the middle of January and early March, which can be associated with the price jumping to nearly $200 and $150.
Following these sudden gains in exchange balances, outflows resumed at an accelerated pace. This behavior implies that traders may have capitalized on short-term opportunities before returning to focus on long-term holding. The persistence of this trend, even during periods of volatility, signals a planned shift in market position.
Solana Price Slides Amid Broader Market Caution
Solana’s price has come under pressure in recent sessions. On March 29, the asset dropped 4.27% to $125.35 after reaching an intraday high of $130.99. The decline coincided with a 23.28% fall in trading volume, which fell to $2.63 billion. The market cap now stands at $64.18 billion, with 512.02 million SOL in circulation out of a total supply of 597.23 million.
The current 4.13% volume-to-market cap ratio suggests decreased liquidity and diminished trading volume. Market participant caution has resulted in price movements that show rapid decreases followed by limited price stabilization.
Technical Indicators Show Mixed Signals
In the short-term price trend for Solana, technical analysis presents ambiguity in its future movement. The MACD line is currently lower at -4.75, and the signal line still holds a place of -6.41 and renders a bullish crossover pattern. Both values remain negative, this again signifies that bearish pressure persists in the market.
Meanwhile, the Relative Strength Index stands at 41.35, below the neutral level of 50. The RSI value signals a momentum of reduction, although it has not reached the oversold level. Under present market conditions, Solana faces continued bearish pressure in the near future.
