Solana's Network Growth Suggests New Price Wave Ahead, Analyst Claims

Crypto analyst Ali Martinez believes that despite Solana's (SOL) recent short-term pullback, on-chain data suggests a potential new upward wave is brewing. Since August 26th, the SOL price has fallen by approximately 8.31 percent from $110.50 to $100.40.

However, growth in the Solana network continues strongly, with an average of 9.5 million new addresses created daily over the past week. This trend indicates increasing adoption and is a key indicator of future price movements, according to Martinez.

The analyst also points out that significant investor demand for Solana has increased, with 52 new whale wallets joining the network recently. Additionally, spot Solana ETFs traded in the US have recorded net inflows for seven consecutive weeks, with over $120 million flowing into the ETFs last week alone.

From a technical perspective, Martinez identifies the $103 level as a critical support zone, with approximately 39 million SOL purchased in this region. If the price holds above this level, it could pave the way for a move towards $123 and $132, which have significant resistance levels.