$150 Target Looms as Solana Network Growth Continues Amid Strong Demand
Crypto analyst Ali Martinez believes that despite Solana's ($SOL) recent short-term pullback, on-chain data suggests a new upward wave towards $150 may begin.
The price has fallen by approximately 8.31% since August 26th, from $110.50 to $100.40, but growth in the Solana network continues strongly. Over the past week, an average of 9.5 million new addresses have been created daily, indicating sustainable network growth and adoption.
The analyst also notes that significant investor demand for Solana is increasing, with a 1.58% rise in wallets holding at least 10,000 $SOL, including 52 new 'whale' wallets recently joining the network.
Institutional demand is also rising, as spot Solana ETFs traded in the US have recorded net inflows for seven consecutive weeks, with approximately 1.2 million $SOL worth around $120 million flowing into the ETFs last week alone.