During its recent upward performance, Solana attracted a significant number of retail and whale investors, which helped bolster the upside move. Even though the altcoin’s price has briefly pulled back, substantial buying activity is still observed among the smallest SOL holders.

Shrimp Wallets Multiply On The Solana Network

Solana’s price is struggling below the $170 mark after a sudden decline on Monday across the general crypto market. Prior to the waning price performance, Ali Martinez, an on-chain and technical analyst, revealed an underlying bullish attitude and participation from the smallest SOL holders.

According to the on-chain expert, the Solana network is witnessing a sharp increase in small-holders’ participation. Specifically, this continued accumulation is seen among wallet addresses holding 0.1 SOL or more, typically considered as Shrimp holders.

After examining the data on these investors, Ali Martinez stated that the shrimp holders have risen significantly to about 11.16 million, marking a new all-time high. The rise in shrimp wallets was reported as SOL’s price surged to $173.43, a key zone that is now acting as a robust resistance zone as the altcoin trades below it.

This sharp increase highlights the growing interest of retail investors and grassroots decentralized network activity. It also implies a strong base of regular users who are gradually adding to and interacting with the Solana ecosystem, which could pave the way for

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Author: Godspower Owie