Solana Price Bounces Back Amid Growing Adoption and Institutional Buying

Despite a recent price drop of 8.31% since August 26, Solana's network has shown signs of growing adoption and institutional buying. According to on-chain data, the number of wallets holding 10,000 or more SOL grew by 1.58%, adding 52 new whale wallets in the past week.

The US spot Solana ETFs recorded inflows for seven consecutive weeks, with over 1.2 million SOL flowing into these products worth roughly $120 million last week alone.

The amount of SOL sitting on exchanges dropped by 4.91%, suggesting holders are moving tokens into cold storage or long-term wallets.

Crypto analyst CryptosBatman believes that if the key retest zone of $83-$85 holds, Solana could eventually move toward $150 and beyond.