Solana Bulls Refuse to Surrender as Support Levels Hold

Solana (SOL) has been experiencing a correction after reports that the CLARITY Act failed to advance in the US Senate. The crypto asset plummeted from over $101 to under $96 before a minor recovery.

However, according to Ali Martinez, SOL is holding a significant support area at this level. In fact, 72 million SOL previously traded around this zone, making it a crucial one for the bulls.

Institutional demand for Solana is also strengthening through US spot SOL ETFs, which have recorded nine straight weeks of net inflows and over $200 million in investments during the past month.

Additionally, exchange supply continues to fall as more than 3 million SOL have been withdrawn from exchanges. Network activity remains elevated, with Solana reaching a peak of 12 million new addresses on September 11.