Analysis: Solana’s $95 Support in Focus After CLARITY Act Setback as ETF Demand, Lower Exchange Supply Offer Support
Summary
- The analysis said the area around $95 could act as a key support level because about 72 million SOL previously traded in that range.
- U.S. spot Solana ETFs extended net inflows to a ninth straight week, drew more than $200 million over the past month, and saw supply tighten as more than 3 million SOL left exchanges.
- The analysis said the latest correction may not be prolonged, citing support at key price levels, ETF inflows, lower exchange supply, and continued network growth.
Forecast Trend Report by Period
Solana tumbled after the U.S. Senate failed to move forward with the CLARITY Act, but the correction may be short-lived given continued inflows into spot exchange-traded funds and declining token balances on exchanges, an analysis showed.
According to crypto analyst Ali Martinez on September 16, Solana fell to $95.84 from $101.36 after news that the CLARITY Act had failed to pass a procedural vote in the Senate.
On-chain data show that about 72 million SOL previously traded around the current price range. That suggests the area near $95 could serve as a key support zone.
Institutional demand has remained steady. U.S. spot Solana ETFs recorded net inflows for nine consecutive weeks, with more than $200 million flowing in over the past month alone. Supply on exchanges has also declined. More than 3 million SOL left exchanges over the past month, reducing the amount of tokens immediately available for sale.
Network growth has also held up. New Solana addresses peaked at 12 million on September 11 and have continued to increase by about 10.8 million a day.
The analysis argued that the latest price correction is less likely to become prolonged, citing support at key price levels, ETF inflows, lower exchange supply and continued network growth.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.