Solana's Price Dip Doesn't Deter Demand as Whale Investors Pile In

Solana's price has dropped by over 7% from its recent seven-month high of nearly $110, but the cryptocurrency is showing no signs of slowing down in terms of demand. According to data, an average of 9.5 million new addresses per day have been added to the network over the past week, a growth rate that has historically preceded major rallies.

Larger investors are also becoming more active on Solana, 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 net inflows for nine consecutive weeks, attracting almost $154 million in capital last week.

Exchange balances are moving in the opposite direction, with SOL held on exchanges dropping by 4.91% over the past week due to withdrawals of roughly 2.6 million tokens. Analyst Ali Martinez believes that $103 is an important support level for Solana, backed by 39 million SOL acquired there.

Several market watchers are predicting a strong bullish phase for Solana, with targets ranging from $150 to as high as $300 or more. Gerla believes that the asset could be preparing for a larger move after breaking its downtrend and forming higher lows.