Solana Price Climbs To $145 While Wallet Growth Slows Across Network

TLDR

Table of Contents

Solana price rose to $144 and tested the $145 resistance amid market uncertainty.
Morgan Stanley filed an S-1 to launch a spot Solana ETF in the US.
Weekly Solana wallet creation dropped from 30.2M in 2024 to 7.3M.
Over 15 Solana ecosystem projects launched updates or new tools last week.

Solana enters 2026 with strong price action but weakening onchain activity, creating a split in market signals. While the token pushes toward the critical $145 resistance level, network growth shows a steep decline in new wallets. At the same time, institutional interest rises, with Morgan Stanley filing for a spot Solana ETF. Despite quiet market sentiment, developers continue to ship new tools, signaling steady builder engagement across the ecosystem.

Institutional Interest in Solana Increases with New ETF Filing

Morgan Stanley has filed an S-1 registration form with the U.S. Securities and Exchange Commission (SEC) to launch a spot Solana ETF. While the filing itself does not guarantee approval, it marks growing institutional attention toward Solana as a digital asset. This follows the increasing trend of traditional financial institutions exploring exposure to Layer 1 blockchain assets.

The filing adds to Solana’s visibility among institutional investors, especially as crypto ETFs expand beyond Bitcoin and Ethereum. In addition, Wyoming-supported infrastructure launched the FRNT stablecoin on Solana. The initiative signals that regulated entities are continuing to build on the network, even as retail sentiment remains mixed.

Solana Price Approaches Key Resistance Level of $145

Solana’s price climbed to $144 and approached the $145 resistance zone, a level watched closely by technical traders. The move took place during a period of uncertainty in the broader crypto market. Analysts note that Solana’s ability to maintain upward pressure is unusual given that other Layer 1 tokens have seen slower price action.

📊 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

Momentum indicators and spot demand remain strong. Derivatives data also suggests that traders are positioning for further upside. Buyers continued to step in during minor price dips, helping maintain the short-term trend. This price movement occurred even as several onchain activity metrics have shown a steady slowdown.

Slowing Network Growth Raises Long-Term Questions

Despite the bullish momentum in price, onchain data presents a more cautious view of Solana’s current state. According to Santiment, weekly wallet creation has fallen sharply since late 2024. From a peak of 30.2 million weekly wallets in November 2024, the number has dropped to 7.3 million.

This trend signals a cooling in new user adoption. Historically, wallet growth has been a key signal for expanding demand and application usage. Fewer new wallets may indicate lower interest from first-time users or developers. Some market observers suggest this may be a natural slowdown following earlier growth spikes.

Ecosystem Activity Remains Consistent Despite Slower Growth

More than 15 Solana-based projects announced updates or new launches over the past week. These include Jupiter’s JupUSD stablecoin and Birdeye’s Smart Money tracker, both tools aiming to improve liquidity and user visibility. The continued development activity suggests that teams remain engaged, even when market conditions are less active.

Solana Mobile reported Season 1 volume of $2.6 billion, showing traction beyond just decentralized finance users. SuperteamEarn also passed 150,000 users, reflecting growing interest in work and contribution models within the ecosystem. These figures indicate that parts of the network are expanding despite lower public attention.

Visual Engagement and Long-Term Positioning

The newsletter featured a hand-drawn image of a mailman delivering packages labeled with development milestones. It gained over 210,000 views in 24 hours. The visual symbolized the steady release of tools and projects, regardless of market sentiment.

Solana’s update framed current conditions as a phase where developers continue to build while investors remain cautious. The focus remains on maintaining infrastructure and attracting long-term stakeholders rather than relying on short-term price momentum.