Solana Wallets Surge Past 11M as SOL Eyes $190 Breakout

• SOL price rebounds, with $190 resistance in focus for the short term.
• Over 11.4M wallets now hold at least 0.1 SOL, indicating growth.

The Solana ($SOL) network has reached a new milestone in user adoption as wallet growth hits an all-time high. On-chain data from Glassnode, shared by analyst Ali Martinez, shows Solana wallet addresses holding at least 0.1 SOL have reached 11,438,122 as of June 28, 2025. 

This is the highest level on record and suggests growing retail participation. Despite fluctuations in June, the SOL price rebounded to $150.76 by month-end after briefly dropping below $140.

Martinez observed a steady increase in wallet numbers even during volatile price movements. This trend reflects strong user confidence and consistent buying pressure. The rise in non-zero balance wallets signals broader adoption and network maturity heading into Q3 2025.

First-Ever SOL Staking ETF Nears SEC Decision

Solana, REX Shares has filed for the REX-Osprey SOL + Staking ETF. The fund would give investors direct access to SOL while generating on-chain staking rewards. If approved, it would be the first Solana-based ETF in the United States.

Bloomberg ETF analyst James Seyffart said the SEC is reviewing the application at an accelerated pace. He noted this on social platform X, indicating that approval may be near.

The fund’s unique staking feature sets it apart from current crypto ETFs, marking a step toward yield-generating digital asset products.

Technical Structure Supports Bullish Continuation

Solana has regained bullish momentum after rebounding from the $144.92 support level. The price has stayed above an ascending support line, maintaining upward pressure. The bounce followed a breakout from a minor descending wedge, often seen as a bullish reversal pattern.

Technical analysts report that SOL now trades within a broadening wedge formation, signaling increased volatility and a wider price range. The next resistance zone sits between $186 and $190. 

Holding above the $150 level is considered critical for further upward movement. A sustained rally could push prices beyond $175 in the short term.

Solana’s rising user base, potential ETF approval, and strong technical indicators suggest the network is positioned for continued momentum in the third quarter of 2025.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.