Solana (SOL) Has Shown Notable Growth in Both Activity and Price

Solana (CRYPTO: SOL) has seen strong gains in both activity and price as more users come on board and meme coins become popular.

What Happened: More than 11.04 million wallets now hold at least 0.1 SOL, a figure that hit a record on May 11, according to Glassnode.

The growth in wallet numbers comes as Solana is seeing a steep price run to $173.74, its strongest showing since March and a 40% rise in the last month.

"The number of wallets holding 0.1 #Solana $SOL or more has surged to 11.04 million in the last two weeks! pic.twitter.com/ZfH80MT9r0

Several metrics show that Solana’s user base is getting bigger. The overall count of addresses continues to go up, with spikes in active and new wallets occurring when prices rise.footnoteWith a consistent throughput of 1,190 transactions each second, the network proves it can scale with more demand.

Weekly DEX volumes hit $35.6 billion for the strongest showing in over two months. According to Blockworks Research, protocol revenue increased to $25.9 million. With TVL increasing by 58% to $22.1 billion, confidence among Solana investors is also on the rise.

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Meme Coins Drive On-Chain Frenzy

Solana’s return to prominence comes in large part from the rapid growth of meme coins within its ecosystem. Bonk (BONK), Pudgy Penguins (PENGU), Fartcoin (FARTCOIN), and Popcat (POPCAT) are attracting more attention lately. Solana-based meme tokens now have a combined market cap of $14.7 billion after just one month.

CoinMarketCap reports that these assets account for over 20% of the total meme coin market. The popularity of meme coins, such as Official Trump (TRUMP), is driving up both transaction volume and user interaction on Solana dApps.

Consequently, SOL’s USD trading pair market share increased from 27% to 38%. FOMO has increased strongly, showcasing a 30% rise in trading volumes over 24 hours. The Fear and Greed Index was at 15, which shows extreme fear, but now it has risen to 73, indicating a more bullish trend.

Price Outlook Targets $217 and Beyond

At an RSI level of 71.06 on the daily chart, the market shows an overbought signal. Meanwhile, MACD shows a bullish scenario as the blue line is still above the signal line and shows a positive value. These indicators imply the price could continue upward even though it is temporarily overbought.

Market analysts anticipate further gains. VIP ROSE TR believes $217.6 is the short-term resistance, and $268.9 is the expected channel top. The $171 level is currently crucial support, and as long as the price does not drop below it, reaching higher targets seems possible.

"Target 1 Hit!

#Solana ($SOL) has successfully achieved its first major target at $171, confirming the strength of the current bullish structure.

Next Resistance Zones:$217.6 – mid-range target, may act as a light resistance$268.9 – next major resistance (channel top)..."

Weekly charts display the same pattern. SOL has now surpassed the downward trend resistance lines, signaling a positive breakout to the upside.