Solana (SOL) has entered a period of sideways trading after surging to $249 on Sunday, showing signs of a temporary pause in price action.
Interestingly, on-chain data indicates that underlying buy-side activity remains strong. At the same time, social chatter around the coin continues to climb, signaling growing interest and engagement from the community.
SOL Consolidates, But New Buyers and Social Buzz Signal Next Rally
According to Glassnode, the number of unique addresses participating in SOL transactions for the first time has surged by 16% over the past seven days.
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This increase shows a growing wave of new demand for the coin, even amid relatively stagnant price action over the past five trading sessions.
A rise in new addresses is a bullish indicator in cryptocurrency markets. When more unique wallets start holding or trading a token, it reflects growing interest in the asset. If this trend continues, it may provide underlying support for SOL future price gains.
Furthermore, SOL’s social dominance has increased over the past week, indicating a rise in the coin’s relevance within crypto discussions during the review period. As of this writing, this metric is at 4.26%.
An asset’s social dominance measures how frequently it is mentioned across social media platforms, forums, and news outlets compared to the broader market. A decline in social dominance suggests the asset is losing attention and engagement.
Conversely, when it rises with price, it reflects growing retail interest and heightened activity. This surge in visibility can help strengthen SOL’s short-term price momentum.
Solana Bulls Eye $248
At press time, SOL trades at $235.21. If the underlying buying momentum strengthens, the coin could climb to test resistance at $248.50. A breakout above this level could drive a further rally toward $270.18.
However, if demand falls and selloffs continue, SOL could fall below $219.21.
