Solana Eyes $215 Amid Record 11.16M Wallets Holding SOL

Solana recovered 2.13% to trade at $170 after a recent pullback. With a falling wedge breakout and 11.16 million wallets holding 0.1 SOL or more, the altcoin is targeting $215.

After pulling back from $185 to $165, Solana shows signs of a potential bullish comeback. It trades at $170, posting an intraday recovery of 2.13%. Could this rebound in SOL spark a breakout rally toward $215?

Solana Price Analysis

On the daily chart, Solana displays a breakout from a falling wedge pattern and is gradually gaining momentum. The breakout rally pushed the price up nearly 50% in just over a month, reaching the 61.80% Fibonacci level at $184.52.

However, a strong supply zone overlapping with this critical Fibonacci resistance triggered a pullback, resulting in a retest of the 50% Fibonacci level at $165.71.

As Solana holds above this crucial support level, Monday’s intraday recovery, combined with a lower price rejection, suggests a bullish resurgence. That said, momentum indicators show slight weakness in trend strength. The MACD and signal lines have formed a bearish crossover, while the daily RSI has dropped from the overbought zone to around the midpoint.

If the broader market recovery continues, a potential breakout could challenge the 78.60% Fibonacci level at $215. In an optimistic scenario, an extended bull run might even revisit the $261 peak reached in late January.

Conversely, a daily close below $165 would invalidate the bullish outlook and likely lead to a test of the 38.20% Fibonacci level at $148.

Solana Holder Count Hits New All-Time High

Supporting the bullish case, crypto analyst Ali Martinez recently highlighted a sharp increase in Solana wallet holders. In his latest tweet, he noted that the number of wallets holding at least 0.1 SOL has reached a new all-time high of 11.16 million.

With a growing base of investors, Solana’s upward trend appears poised to gain further momentum, raising the likelihood of a breakout rally toward the $215 mark.

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