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As Solana (SOL) seeks to breach the long-term resistance at the $250 mark, the decentralized finance (DeFi) ecosystem is backed by a dynamic holder base, including institutional and retail investors.
Indeed, these holders play a pivotal role in its growth, with top entities having a more significant influence on the network’s governance and market stability.
As of press time, Solana had a total supply of 590.1 million SOL, with 479.02 million in circulation. Unlike some cryptocurrencies, it has no fixed maximum supply, allowing inflationary issuance to support network security and validator incentives.
A breakdown of Solana holders indicates that SOL tokens are distributed among its 9.15 million holders on the mainnet, according to data retrieved by Finbold from CoinCarp on December 14.
The top 10 holders collectively own 6.58% of the total supply, while the top 20 account for 11.03%. Expanding to the top 50 and 100 holders, their combined shares rise to 17.52% and 22.76%, respectively.
An overview of the figures suggests that Solana has a moderate concentration of holdings among large wallet addresses, which is typical for many blockchain ecosystems. However, most tokens remain distributed across millions of smaller accounts.
Data for specific addresses indicates that Solana’s top 10 wallets hold around 7% of the circulating supply, with individual shares ranging between 0.49% and 1.01%.
While their anonymity, inherent to blockchain technology, protects privacy and prevents targeted attacks, it raises concerns about potential centralized influence.
SOL price analysis
After surging past the $200 level amid the post-election rally, SOL is currently in a consolidation phase, aligning with the general market sentiment. At press time, the asset was trading at $219, with gains of about 2% in the past month, while on the 24-hour timeframe, Solana is down 1.2%.
Regarding Solana’s next price trajectory, technical indicators hint at the continuation of the recent bullish momentum.
For instance, according to a crypto trading analyst with the pseudonym Cousin Crypto, Solana’s price has entered a consolidation phase, forming a descending wedge pattern—a structure often associated with impending bullish moves.
If the price breaks out, SOL could target a new high above $260, but the resistance around $244 is worth monitoring. Projections place the next key psychological level near $300 should bullish signals persist.
Looking ahead, several key fundamentals are likely to influence Solana’s valuation. One notable factor is the potential approval of a Solana exchange-traded fund (ETF), which could attract significant institutional capital.
While initial reports suggest the Securities and Exchange Commission (SEC) may reject the current application, the Solana community remains optimistic that the next administration will adopt a more pro-crypto stance, paving the way for eventual approval.
At the same time, major institutions are forecasting further price growth for Solana, with investment management firm VanECK projecting the asset could reach $500 by 2025.
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