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Solana was trading near $102 on Tuesday, down more than 7% from its recent seven-month high of nearly $110. The recent price weakness has not stopped signs of stronger demand from building across the network.<\/p>\n
According to Ali Martinez, Solana recorded an average of 9.5 million new addresses per day over the past week, a level of growth the analyst considers an important adoption signal and one that has historically preceded major rallies.<\/p>\n
Larger investors are also becoming more active. Wallets holding at least 10,000 SOL rose 1.58% after adding 52 new whale wallets to the network. At the same time, US spot Solana ETFs extended their streak of weekly net inflows to nine weeks. These funds attracted<\/a> almost $154 million in capital last week. Interestingly, Bitwise’s Solana Staking ETF, BSOL, recently surpassed $1 billion in assets under management within 10 months.<\/p>\n Meanwhile, exchange balances are moving in the opposite direction, as seen with SOL held on exchanges dropping 4.91% after the withdrawal of roughly 2.6 million tokens over the past week. Martinez stated<\/a> that $103 is an important support level, since it’s backed by 39 million SOL acquired there. The next hurdles are $123 and $132, each tied to about 20 million SOL in previous purchases.<\/p>\n Holding support and breaking those two levels could<\/a> set up a move toward $150.<\/p>\n A similar sentiment was echoed by crypto investor Batman, who said<\/a> that Solana may be entering a stronger bullish phase after breaking out of a major accumulation structure. But he expects SOL to retest the $83-$85 zone and believes a successful hold there could eventually push the asset toward $150 or higher.<\/p>\n Another market watcher, Gerla, believes<\/a> the asset could be preparing for a much larger move after breaking its downtrend. He flagged the formation of higher lows, which suggests that the market may be entering a reaccumulation phase. If the structure remains intact, Gerla said that Solana could target $300 or higher as the next major expansion zone.<\/p>\n Solana saw several major developments this week. This includes the conclusion of its first binding on-chain governance vote, which was followed by a 25% increase in network speed, taking slot times from 400ms to 300ms.\u00a0Separately, Charles Schwab announced<\/a> plans to add SOL to Schwab Crypto Direct.<\/p>\n Additionally, Solana’s RWA holder base also crossed 350,000, while xStocksFi topped $500 million in AUM across more than 700 tokenized assets. Tokenized commodities on the network also reached a record $50 million in supply, and Solana became the leading network by total x402 transaction volume.<\/p>\n The post Solana’s 7% Pullback Isn\u2019t Slowing Demand: Here’s the $150 Setup<\/a> appeared first on CryptoPotato<\/a>.<\/p>\n\nOther Key Developments<\/h2>\n
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