Solana’s latest price action killed any short-term shot towards and beyond the $150 handle. SOL sold off sharply, in line with broader risk assets, as macroeconomic uncertainty increased.
Even with this withdrawal, the behavior of holders suggests that the conviction has not cracked. SOL investors have largely retained a bullish bias, signaling confidence that goes beyond short-term price noise.
Solana sees relatively strong investor interest
Solana Spot ETFs generated a surprise net inflow of $3.08 million during a period of high market stress. These flows came as global stocks took a hit and the broader crypto market saw more than $120 billion wiped from total capitalization. This divergence highlights SOL’s ability to extract capital even under risk-averse conditions.
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The contrast with other crypto products was clear. Bitcoin ETFs saw net outflows of $483 million on Monday as investors reduced their risks. Most major assets followed the same exit trend. Solana, however, bucked the tide, reinforcing a bullish narrative that could support a rebound.
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On-chain data tells a similar story. New address growth on Solana remained relatively stable despite negative market sentiment. The network added about 8.6 million new addresses on Monday, followed by 8.4 million on Tuesday, a drop of just 2.38%.
This level of consistency suggests that demand has not significantly reversed. The creation of new addresses tends to reflect actual usage and inbound interest rather than short-term speculation. Resisting a decline suggests underlying support that could help fuel a recovery once conditions improve.
Will SOL Price heal his wounds?
SOL is trading around $127 at the time of writing, down 12.8% for the week. Price defended the $125 support zone, preventing further chasing. This area is shaping up to be a key short-term bottom, where buyers step in to absorb supply.
Relative strength still favors SOL over other large caps. ETF inflows and regular network activity argue for a faster rebound. A recovery of $132 as support would open the door for a push up to $136 and a partial retracement of recent losses.
The pattern becomes bearish if the momentum stops. A clear break below $125 would invalidate current support and send sentiment lower. In this case, SOL could slide towards $119, extending the correction and putting aside the bullish scenario.
