What to know:
- Solana adoption strengthened in July as 609,000 active wallets reached a seven-month high.
- Bitwise’s BSOL ETF holds nearly $891.9 million in SOL, capturing about 80% of Solana ETF inflows.
- SOL price is holding key support, with analysts targeting a potential move toward $78.
Solana is experiencing rising network adoption as wallet activity strengthens across its ecosystem. Institutional demand continues to grow through strong ETF inflows, reinforcing investor confidence. Meanwhile, SOL is holding a key support level, with analysts watching for confirmation of a potential bullish continuation.
Solana Adoption Grows With 609K Active Wallets
According to SolanaFloor, Solana experienced a significant increase in network activity during July, as the number of active trading wallets reached a seven-month high.
Around 609,000 unique wallets executed trades over the month, reflecting renewed participation from retail and institutional users. The surge highlights growing confidence in expanding the blockchain ecosystem and decentralized applications.
Source: SolanaFloor’s X Post
The increase in active wallets suggests stronger on-chain engagement, with more users interacting across decentralized exchanges, DeFi protocols, and token markets.
Rising wallet activity is often viewed as a positive indicator of network adoption and liquidity. If this momentum continues, it could strengthens the long-term growth outlook and support broader investor confidence.
Also Read: Solana Drives 2026 Quantum Resistance Via Alpenglow
Bitwise BSOL Captures 80% of Solana ETF Flows
Furthermore, the data from Arkham revealed that Bitwise has accumulated nearly $891.9 million worth of SOL through its BSOL exchange-traded fund, making it the largest ETF by assets.
The fund has captured almost 80% of total Solana ETF inflows, highlighting strong institutional demand as investors increasingly seek regulated exposure to one of the cryptocurrency market’s fastest-growing blockchain networks worldwide.
Source: Arkham’s X Post
With the influx of funds coming in continuously, Bitwise has now become one of the top holders of SOL, and there is speculation that more acquisitions may follow with an increase in investors’ interest.
As ETFs have to purchase the underlying assets in order to issue their shares, more investments in BSOL may mean more acquisition of SOL.
Solana Eyes $78 After Defending Major Support
Despite the above on-chain milestones, the SOL price is standing at $73.08, still moving in neutral territory. However, the crypto analyst BitGuru also highlighted that SOL has entered an important support region following some weakness and getting lots of focus from the trading community.
Buyers have started showing up to defend the region, and maintaining this will signal new bullish strength in the cards. It has happened before that buyers have been attracted by support, and that is creating hope for another move higher.
Source: BitGuru’s X Post
The technical analysis community continues to stress that the confirmation of their expectations is necessary before a move up can become sustainable.
The strong recovery, which would be fueled by increasing trading volumes, may see the SOL move higher towards the level of resistance at $78. However, if the support breaks down, the selling pressure may increase even further.
What Happens Next for Solana?
Future prospects for Solana will depend on whether the buyer manages to maintain the support level.
Despite the increase in the activity of the network and the number of purchases through ETF, there is a chance that SOL will be able to move up to the level of $78 in case of more intensive transactions.
Also Read: Solana Price Eyes $1,000 Breakout as Bullish Setup Aligns With Network Upgrade
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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