Key Insights:
- Solana wallets holding 10,000+ SOL grew by 1.53% in one week, reaching 5,019.
- TD Sequential flashes a sell signal on SOL’s 12-hour chart near $137.
- Solana app revenue continues to outpace protocol revenue since mid-2024.
As whale wallets grow to 5,019, Solana is seeing increased on-chain activity. However, a technical sell signal may indicate a short-term pullback while large holders accumulate.
Meanwhile, Solana’s ecosystem revenue is growing, which bolsters the network as a whole.
Whale Wallets on the Rise as SOL Price Climbs
The number of Solana (SOL) wallets holding at least 10,000 SOL rose from 4,943 to 5,019 over the past week.
According to on-chain data from Glassnode, this is a 1.53% growth in large holder wallets. As of April 11, there were 4,943 such wallets, and by April 18, that number had increased by 76.
At the same time, Solana’s price increased from $121.44 to $134.02. Along with increasing participation from large wallet holders, also known as “whales.”
Although the increase in addresses may appear small, this consistent rise can be an indication that big investors are either coming in or building up positions as market sentiment improves.
Large wallets often attract the attention of retail traders, as whale accumulation majorly influences price.
Since wallet count growth can be seen on chain, this data gives insight into investor behaviour without having to speculate externally.
Technical Signal Suggests Possible Short-Term Reversal
However, a short-term bearish signal has been formed on the 12-hour chart, as accumulation by large holders has increased.
Analyst Ali said the TD Sequential indicator had triggered a potential sell signal.
Coming after a series of bullish candles, this signal indicates that the price may be about to take a pause or retracement soon.
At the time of reporting, Solana was trading around $136.72. Price consolidated near the upper resistance zone, and the recent high was $138.48.
The TD Sequential is often used to anticipate exhaustion in price momentum, and if the pattern plays out as expected, it can mean a short-term pullback.
While this signal doesn’t promise a decline, it has typically correlated with short periods of consolidation or minor corrections. Such signals are often monitored by traders when the market is overextended in either direction.
Application Revenue Outpaces Protocol Revenue
Conversely, according to Blockworks Research, Solana’s ecosystem revenue continues to grow.
Starting from June 2024, the revenue of Solana-based applications has been higher than the base protocol revenue. This is a more active and productive developer environment.
The highest application revenue was recorded in January 2025, over $700 million, while protocol revenue was below that.
App revenue continued to dominate through March 2025. Solana’s app revenue to protocol revenue ratio kept increasing as of the end of March, reaching 1.8 and above.
This is important because it demonstrates that the Solana network is not only processing transactions but is also supporting apps that generate consistent user and developer income.
Real-world demand and usage of apps, which in turn suggests a growing share of app-level revenue, can support price stability over the long term.
The increase in large wallet holders also has context in this revenue performance.
As applications become more profitable, they will become more attractive to institutions, which will lead to the creation or expansion of larger wallets.
Solana’s recent performance is marked by strong on-chain activity, but on the other hand, technical signals are cautious.
With whale wallets increasing in a steady fashion and application revenue increasing, it appears that the Solana network remains active and attractive to larger investors.
But the appearance of a TD Sequential sell signal suggests that traders may be gearing up for a near-term pause.
Disclaimer:
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
