Solana Demand Remains Strong Despite 7% Price Drop
Solana has experienced a 7% drop in price over the past week, falling from nearly $110 to around $102. However, despite this pullback, signs of increasing demand on the network remain strong.
According to analyst Ali Martinez, Solana's average daily new addresses have reached 9.5 million over the past week, a level that historically precedes major price rallies. This growth in adoption is considered an important signal by Martinez.
Larger investors are also becoming more active on the network, with wallets holding at least 10,000 SOL increasing by 1.58% after adding 52 new 'whale' wallets to the network. Additionally, US spot Solana ETFs have seen nine consecutive weeks of net inflows, attracting nearly $154 million in capital last week.
The withdrawal of around 2.6 million tokens from exchanges has led to a decline in exchange balances by 4.91%, further indicating increased demand on the network. Analyst Martinez notes that $103 is an important support level, backed by 39 million SOL acquired at this price point.