Crypto analyst Ali Martinez stated that despite Solana’s ($SOL) short-term pullback, on-chain data remains strong, suggesting that the price could initiate a new upward wave towards $150.
According to data shared by Martinez, the $SOL price has fallen by approximately 8.31 percent since August 26th, from $110.50 to $100.40. However, growth in the Solana network appears to continue strongly. Over the past week, an average of 9.5 million new addresses have been created daily. The analyst stated that sustainable network growth is a key indicator of adoption and that similar trends have been observed in the past before major price rallies.
There has also been an increase in significant investor demand for Solana. The number of wallets holding at least 10,000 $SOL has risen by 1.58%, with 52 new whale wallets recently joining the network.
On the institutional demand side, it was noted that spot Solana ETFs traded in the US have recorded net inflows for seven consecutive weeks. According to Martinez, over 1.2 million $SOL, worth approximately $120 million, flowed into the ETFs last week alone.
The decline in exchange balances was also among the indicators highlighted by the analyst. In the last week, the amount of $SOL held on cryptocurrency exchanges decreased by 4.91%, with approximately 2.6 million $SOL withdrawn from exchanges. Martinez assessed that this trend indicates increasing demand and a potential decrease in short-term selling pressure in the market.
From a technical perspective, the $103 level stands out as a critical support zone. According to on-chain data, approximately 39 million $SOL were purchased in this region in the past. Martinez stated that if the $103 support holds, the $123 and $132 levels will be watched as important resistances. Both regions have a cost density of approximately 20 million $SOL.
According to the analyst, if the $SOL price breaks through the $123 and $132 resistance levels, the uptrend could accelerate, paving the way for a new move towards the $150 level.
