Solana pulled back 7% from a seven-month high, but on-chain data show rising addresses, growing whale wallets, and falling exchange balances. Analysts point to $150 as the next target if SOL holds key support levels, while corporate and ETF buying add fresh demand.
Solana traded near $102 on Tuesday, down more than 7% from its recent seven-month high of nearly $110. Yet the pullback has not stopped demand from building across the network.
On-chain demand climbs as price pulls back
According to analyst Ali Martinez, Solana recorded an average of 9.5 million new addresses per day over the past week, a growth rate he considers a signal that has historically preceded major rallies. Wallets holding at least 10,000 SOL also rose 1.58% after adding 52 new whale wallets.
At the same time, exchange balances moved the other way. SOL held on exchanges dropped 4.91% after roughly 2.6 million tokens left platforms over the past week, reducing available supply.
ETF and corporate buying add support
US spot Solana ETFs extended their streak of weekly net inflows to nine weeks, pulling in almost $154 million last week. Bitwise's Solana Staking ETF, BSOL, has surpassed $1 billion in assets under management within 10 months.
Separately, more than $150 million flowed into SOL ETFs in the last week of August, the largest weekly inflow of 2026, according to AMBCrypto. DeFi Development Corporation is the third-largest Solana treasury holder with more than 2 million SOL. The company said it would raise up to $20 million through a new CHAD Stock issuance paying a 13% yearly dividend in daily payments, and AMBCrypto noted the funds could let DFDV improve its balance sheet and buy back more SOL in line with its treasury strategy.
Levels traders are watching
Martinez said $103 is an important support level, backed by 39 million SOL acquired there, with the next hurdles at $123 and $132, each tied to about 20 million SOL in previous purchases. Holding support and breaking those levels could set up a move toward $150.
Crypto investor Batman said Solana may be entering a stronger bullish phase after breaking out of an accumulation structure, though he expects SOL to retest the $83-$85 zone before a successful hold could push it toward $150 or higher. Separately, CoinGape reported SOL traded at $101.30 on September 1, falling 1.76% over the prior 24 hours, even as the price had risen 5% over the past week and more than 40% over the past month.
Sources: CryptoPotato, AMBCrypto, CoinGape
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