Solana Correction May Be Short-Lived Amid Key Support Levels and Steady ETF Inflows

Solana's price correction may be short-lived, according to an analysis that points to key support levels, ETF inflows, and declining exchange supply. The $95 area is seen as a critical support zone, with about 72 million SOL previously trading in this range.

The failure of the CLARITY Act to pass a procedural vote in the U.S. Senate led to Solana's price drop from $101.36 to $95.84 on September 16. However, the analysis suggests that institutional demand remains steady, with U.S. spot Solana ETFs recording net inflows for nine consecutive weeks and over $200 million flowing in over the past month alone.

In addition, supply on exchanges has decreased, with more than 3 million SOL leaving exchanges over the past month. This reduction in available tokens could help support the price. Network growth also continues to hold up, with new Solana addresses peaking at 12 million on September 11 and increasing by about 10.8 million a day.