SOL Network Addresses with ≥0.1 Balance Surge Past 11.1M

Despite rising network activity, Solana’s Total Value Locked (TVL) dropped from $11.7 billion to $6.2 billion since January.

Solana (SOL) has experienced a notable increase in network activity recently. The number of addresses holding at least 0.1 SOL reached over 11 million, showing a significant rise from about 9.2 million in late December 2024. This growth reflects increasing user adoption, occurring alongside a price correction of SOL.

User Adoption Continues Amid Price Correction

Data from Glassnode indicates a rise in addresses with at least 0.1 SOL from late December to March 21, showcasing sustained interest in the Solana ecosystem despite a price drop from over $180 to approximately $129.54. This suggests that smaller retail investors are accumulating SOL, likely anticipating longer-term gains.

Total Value Locked Faces Pressure but Maintains Key Levels

Total Value Locked (TVL) on Solana has seen a significant decline. According to DeFiLlama, the TVL fell from more than $11 billion in January to just under $6.4 billion recently, indicating a contraction in DeFi capital possibly due to macro volatility and reduced incentives. Nonetheless, the current TVL is still substantially higher than the pre-bull market levels of 2023, indicating that Solana’s DeFi ecosystem retains some traction.

Price Outlook – Rangebound but Supported by Accumulation

As of now, SOL is trading below both the 50-day ($135.50) and 200-day ($188.05) moving averages, which suggests a bearish trend. However, the Accumulation/Distribution Line shows consistent upward movement, indicating that smart money may be entering the market at current levels. With low volume and resistance near $135, price action is expected to remain rangebound short-term, but ongoing on-chain growth could support future rallies. Solana demonstrates strong foundational demand despite speculative pullback, hinting at the potential for another price rally if it aligns with network strength.