Solana pushed above $140 with a sharp rise in trading volume, but declining network activity raises questions about the strength.
By Parth Dubey
Editor Julia Sakovich
Updated
3 mins read
Solana SOL $139.7 24h volatility: 2.0% Market cap: $78.83 B Vol. 24h: $6.16 B moved above $140 on Jan. 12 while Bitcoin BTC $90 645 24h volatility: 0.2% Market cap: $1.81 T Vol. 24h: $36.14 B and Ether ETH $3 114 24h volatility: 0.1% Market cap: $375.72 B Vol. 24h: $17.88 B remained mostly flat. The altcoin is eyeing a key resistance zone at $145, a level that has capped prices several times over the past few months.
At the time of writing, SOL is trading around $140.2, up by 3% in the past day. The token posts a 220% surge in 24-hour trading volume, according to the data by CoinMarketCap.
Despite the price rebound, network data shows a weaker base. Data by Santiment shows weekly new wallet creation peaked near 30.2 million in November 2024 but has since fallen sharply to around 7.3 million.
📊 Solana has jumped as high as $144 as it looks to break past its $145 resistance. This will largely depend on whether $SOL network growth can begin to rise again. The amount of new weekly wallets created in Nov '24 was 30.2M. Now? 7.3M.
🔗 Track it: https://t.co/5JAG5351qC pic.twitter.com/M0JAacNfYH
— Santiment (@santimentfeed) January 12, 2026
DeFi data also shows weakness. According to DeFiLlama, Solana’s total value locked stands at $9.06 billion, down about 30% from its $12.9 billion peak before the October market crash.
This suggests a major drop in user growth compared to earlier expansion phases.
Past SOL rallies were supported by strong network growth and capital flow. According to analysts, the ongoing disconnect could result in a rejection at $145 resistance level if activity does not recover.
Analyst Altcoin Sherpa said SOL’s 4-hour exponential moving averages look the healthiest since September 2025. The chart shows price holding above the 25, 50, and 100-period EMAs. The longer 200 EMA near the $133 area acts as a rising support.
$SOL chart looks fantastic and I think this actually continues to lead. The 4h EMAs have looked the healthiest they have since September 2025 (and even better than that tbh). Going to focus on majors for now myself instead of all of the beta until we have a good strong trend… pic.twitter.com/6wLoLDlJD0
— Altcoin Sherpa (@AltcoinSherpa) January 12, 2026
This structure suggests that traders are buying the dips. However, sellers have defended the $145 level repeatedly since late 2025. A failure to close above this zone could lead to a pullback toward the $130–$135 range.
A high-volume close above $145 would confirm the bullish case with the next potential target toward $165–$180.
Despite the ongoing price volatility, Solana ETFs continue to see support. Since their launch in late October 2025, these funds have seen outflows on only three occasions. Total net inflows now exceed $816 million amid consistent institutional demand.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.