Solana ($SOL) is showing strong on-chain fundamentals despite its recent price pullback, according to crypto analyst Ali Martinez. The data suggests that Solana could begin a new upward move toward $150 if key support and resistance levels are cleared.
Solana network growth remains strong
Data shared by Martinez shows that the price of $SOL has declined approximately 8.31% since August 26, falling from $110.50 to $100.40. However, activity on the Solana network continues to expand. An average of 9.5 million new addresses were created each day over the past week.
Martinez said sustainable network growth is an important indicator of adoption, noting that similar trends have appeared before major Solana price rallies.
Whale holdings and ETF inflows increase
Demand from large investors has also strengthened. The number of wallets holding at least 10,000 $SOL has increased by 1.58%, with 52 new whale wallets recently joining the network.
Institutional demand has remained positive as well. Spot Solana ETFs traded in the United States have recorded net inflows for seven consecutive weeks. Martinez reported that more than 1.2 million $SOL, worth approximately $120 million, flowed into the ETFs last week alone.
Solana exchange balances decline
Another bullish signal highlighted by Martinez is the decline in Solana held on cryptocurrency exchanges. Exchange balances fell by 4.91% over the past week, representing withdrawals of approximately 2.6 million $SOL.
According to Martinez, the trend points to rising demand and could indicate lower short-term selling pressure across the market.
$103 support becomes crucial for SOL price
From a technical perspective, the $103 level is a key support zone for Solana. On-chain data indicates that approximately 39 million $SOL were purchased in this region.
If the $103 support level holds, traders are likely to monitor $123 and $132 as important resistance areas. Each zone has a cost density of approximately 20 million $SOL.
Martinez said that a break above the $123 and $132 resistance levels could accelerate the uptrend and open the way for a potential move toward $150.
This is not investment advice.
