Solana Price Could Spark a 50 Percent Rally, Analyst Says

Crypto analyst Ali Martinez has identified what he calls a signal that could trigger a significant price movement in Solana (SOL). Despite SOL's recent short-term pullback, on-chain data suggests strong growth and adoption.

The number of new addresses created daily on the Solana network averaged 9.5 million over the past week, a key indicator of adoption according to Martinez. Additionally, the analyst notes that the number of wallets holding at least 10,000 SOL has increased by 1.58% with 52 new whale wallets joining the network.

The spot Solana ETFs traded in the US have recorded net inflows for seven consecutive weeks, with approximately $120 million flowing into them last week alone. Furthermore, exchange balances of SOL have decreased by 4.91%, indicating increasing demand and a potential decrease in short-term selling pressure.