January 30 News, although Solana’s price has attempted multiple rebounds but remains under pressure, on-chain data has released positive signals. Recently, approximately 10.2 million new wallet addresses completing their first transaction are added daily on the network, indicating that the number of Solana holders is rapidly increasing. This type of address expansion usually represents new user entry and also suggests that potential buying interest is absorbing market selling pressure.
Previously, the news of Telegram CEO Pavel Durov’s release briefly boosted related ecosystem sentiment, but SOL failed to sustain the rally, reflecting that the current larger influencing factors come from macro risk appetite rather than the project itself. Nevertheless, historical experience shows that holder expansion during downturns often lays the foundation for subsequent price stabilization.
Meanwhile, funding remains a constraint. After continuous net inflows for several days, Solana spot ETF experienced a single-day outflow of about $2.2 million for the first time. Since ETF investors typically focus on medium to long-term allocations, this change is seen as a cautious signal that may limit short-term price upside.
From a technical perspective, SOL is currently oscillating around $115 and is in a descending wedge pattern. This pattern is often viewed as a potential reversal signal; as long as the support level is not broken, the bullish logic remains valid. If the price can break through the key resistance at $123, subsequent targets may point to the $132 and $136 regions.
Conversely, if the rebound is weak and the price falls below $115, SOL could drop to $110. Once this level is broken, the pattern will be invalidated, and the risk of a pullback will significantly increase. At this stage, on-chain growth and capital flow are in a tug-of-war, and whether SOL can truly initiate a rebound still depends on whether buying interest continues to follow through.
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