Solana Bulls Unfazed by 7% Pullback as Demand Remains Strong

Solana's price has pulled back about 7% from its recent seven-month high of nearly $110, but signs of stronger demand remain. According to analyst Ali Martinez, Solana recorded an average of 9.5 million new addresses per day over the past week, a growth rate that historically precedes major rallies.

Larger investors are also becoming more active on the network, with wallets holding at least 10,000 SOL rising 1.58% after adding 52 new whale wallets. US spot Solana ETFs have also seen nine weeks of net inflows, attracting almost $154 million in capital last week.

Exchange balances are moving in the opposite direction, however, as SOL held on exchanges dropped 4.91% following a withdrawal of roughly 2.6 million tokens over the past week. Martinez pointed out that $103 is an important support level, backed by 39 million SOL acquired there.