Solana Network Hits 4.7M Active Addresses as SOL Tests $75 Resistance

Solana recorded 4.7 million active addresses over the past week, marking a significant uptick in user engagement across the network. At the same time, SOL's price is testing a key Exponential Moving Average (EMA) resistance at $75 — a level that could determine the token's short-term trajectory.

The surge in active addresses reflects growing on-chain activity, which analysts view as a potential driver of increased demand. If sustained, this trend could feed into broader market confidence among investors holding or considering positions in SOL.

On the daily price chart, SOL had been trading below critical resistance levels for several weeks following a bounce from $59. The token has recently begun testing the $75 EMA resistance zone. A confirmed break above that threshold would represent a structural shift in the market and add weight to the case for a wider recovery.

Holder behavior on the network is also notable. Token balances among long-term holders have risen during the current consolidation period, indicating continued accumulation rather than distribution. Concurrently, the circulating supply of SOL has declined, meaning fewer tokens are re-entering the market. This supply-demand divergence could create upward price pressure if buying interest accelerates.

Fundamental metrics paint a similarly constructive picture. Solana's Price-to-Sales (P/S) ratio stood at approximately 2 at the time of writing — a level that suggests the asset may be undervalued relative to its network revenue. While P/S ratios are not typically used as short-term trading signals, they offer useful context for evaluating whether an asset is stretched or attractively priced. For some market participants, the current reading reinforces the rationale for continued accumulation.

Looking ahead, the immediate technical hurdle remains the $75 EMA resistance. A decisive close above that level would solidify the bullish structure forming over recent sessions. The next significant resistance zone sits near $83, a price area where selling pressure previously emerged and where supply could re-enter the market.

As of press time, SOL's price action appeared to be converging with its on-chain and fundamental indicators. Network activity has expanded, long-term holders have continued to add to positions, and valuation metrics remain supportive. These factors, taken together, point toward conditions that could facilitate a breakout above current resistance — though confirmation from price action is still pending.

In summary: Solana's weekly active addresses reached 4.7 million, holder accumulation is rising, circulating supply is shrinking, the P/S ratio stands at 2, and the $75 EMA level remains the key near-term test for SOL. The $83 zone represents the next major resistance should buyers clear the current barrier.