Solana (SOL) Price: 7% Gain Coincides with Record Network Adoption of 11.09 Million Addresses

TLDR

• Solana price jumped 7% to $140 with daily trading volumes surging 85-94.9% to $2.56-2.67 billion
• Analysts predict potential rally toward $150-$420 following a key breakout above $137
• Network adoption reached an all-time high with over 11.09 million addresses holding SOL
• Solana co-founder Anatoly Yakovenko advocates for Layer 1 solutions over Layer 2 alternatives
• White House narrowing approach to tariffs set for April 2 is supporting crypto market recovery

Solana (SOL) is making strong moves in the crypto market, gaining 7% to reach $140 amid a broader market recovery. This price jump comes with a sharp increase in trading activity, as daily volumes surged between 85% and 94.9% to reach over $2.56 billion.

The renewed investor interest in Solana coincides with record-breaking network adoption. On-chain data shows that the Solana network now has more than 11.09 million addresses holding the SOL token, marking an all-time high in user participation within the ecosystem.

This surge happens even as long-term Solana holders show signs of extreme fear. Crypto analyst Ali Martinez points out that such periods of uncertainty often create opportunities for strategic investors, noting that “Historically, these are the moments smart money steps in.” This follows the classic investment wisdom of being “greedy when others are fearful.”

Market Analysis

Technical analysis suggests Solana has achieved an important breakthrough. The cryptocurrency has broken past the crucial resistance level of $137, potentially ending a persistent downtrend that began after the January 20th highs.

This technical breakout has sparked optimism among market analysts. Crypto Curb, a popular analyst, suggests this move signals the start of new upward momentum for SOL, with forecasts pointing to a potential rally toward $420 in the near future.

Another analyst, Satoshi Flipper, identified a symmetrical triangle pattern on Solana’s 4-hour chart. This pattern typically signals a continuation of the previous trend once price breaks out of the formation. With SOL closing above the upper trendline at $132, the analyst projects a price target of around $152.

$SOL/usdt 4 hour

Big breakout soon for $SOL ?? pic.twitter.com/pYriqopzU1

— Satoshi Flipper (@SatoshiFlipper) March 22, 2025

The technical outlook remains positive as SOL extends its gains to trade above $138. The Relative Strength Index (RSI) on the daily chart is recovering from oversold conditions and reads 49, pointing upward just below its neutral level of 50, indicating weakening bearish momentum.

Further support for this upward movement comes from the Moving Average Convergence Divergence (MACD) indicator, which showed a bullish crossover last week. This technical signal suggests more upside potential ahead.

The broader cryptocurrency market is also finding support from external factors. Recent reports indicate that the White House is narrowing its approach to tariffs set to take effect on April 2. The plans likely omit a set of industry-specific tariffs while applying reciprocal levies on a targeted set of nations that account for the bulk of foreign trade with the US.

This news has set a positive tone in the crypto market during early Asian trading, with major cryptocurrencies rising. Bitcoin broke above $87,000, and Solana followed the upward trend.

Solana Price on CoinGecko

Adding to the Solana ecosystem narrative, co-founder Anatoly Yakovenko recently expressed skepticism about the necessity of Layer 2 scaling solutions. According to Yakovenko, Layer 1 blockchains can deliver superior performance with greater speed, lower costs, and enhanced security compared to Layer 2 alternatives.

In a message on the X platform, he wrote: “L1s can be faster, cheaper, and more secure. They aren’t slowed down by a glacially moving L1 data availability stack, or have to compromise security with complex fraud proofs and upgrade multisigs.”

His comments came in response to an Ethereum contributor who suggested there’s no reason to build Layer 1 solutions when Layer 2s are faster and more affordable.

In an interesting development for the Solana ecosystem, former President Donald Trump posted support for the TRUMP memecoin on Solana via his Truth Social platform on Sunday. Trump wrote, “I LOVE $TRUMP — SO COOL!!! The Greatest of them all!!!!!!!!!!!!!!!!”

This endorsement led to a spike in Trump memecoin prices by nearly 17%, reaching a high of $12.51 on the day. However, the memecoin remains down 85% from its all-time high of $77.24 set in January, according to Binance data.

Looking ahead, if Solana continues its upward trend, technical analysis suggests it could extend the rally by 15% from current trading levels to retest its next daily resistance at $160. However, traders should remain cautious, as a decline below daily support at $118.10 could extend to test March lows around $112.