Solana (SOL) is experiencing a significant influx of new users despite facing persistent price pressure and capital outflows from spot ETFs. According to data from Glassnode, the network is adding approximately 10.2 million new addresses daily, representing wallets completing their first transaction. This surge in new holders, which often signals expanding adoption and fresh capital, historically precedes price recoveries by absorbing supply from short-term sellers.
However, SOL's price action remains under pressure, trading near $115 and struggling to sustain rebounds. A key bearish signal emerged as spot Solana ETF flows turned negative for the first time after a week of trading, recording $2.2 million in outflows on Thursday. This shift suggests emerging skepticism among strategic, longer-term investors and could limit upside momentum until flows stabilize.
Ecosystem activity provides counterbalancing bullish catalysts. Data from CryptoRank.io shows a major spike in activity on Solana launchpads, with daily active addresses surpassing 300,000 for the first time in months on January 27, 2026. Across the entire ecosystem, daily active addresses have climbed to 4.4 million, a 16% increase from the end of 2025. Daily trading volume on launchpads is approaching $200 million, with 44,000 new tokens launched daily.
Stablecoin growth is adding substantial liquidity. USD1, a stablecoin linked to World Liberty Financial, has seen dramatic growth on Solana in January 2026. Its market capitalization has surged above $5 billion, with over $610 million circulating on Solana alone, representing nearly 300% monthly growth—the highest among all chains. World Liberty Financial's ecosystem lead, Mello, has committed to making USD1 the most useful stablecoin on Solana.
The privacy narrative is also strengthening Solana's ecosystem. GhostwareOS launched GhostSwap, a private cross-chain swap platform that allows users to move assets into Solana without exposing transaction metadata. This positions Solana as a more versatile blockchain, extending beyond meme coins and DeFi into privacy-focused infrastructure. Analysts expect the associated token GHOST to potentially reach a $100 million market cap.
Technically, SOL is holding above the $115 support level while trading inside a descending broadening wedge—a generally bullish pattern. For confirmation of an upside move, SOL must bounce from the lower trend line and clear $123, with potential targets extending toward $132 and $136. Failure to breach $123 could keep Solana range-bound, while a drop below $115 could push the price toward $110, invalidating the bullish thesis.
