Solana dropped below $100 after reports that the CLARITY Act failed to advance in the US Senate, declining from over $101 to under $96 before recovering slightly. The cryptocurrency is holding a significant support level where 72 million SOL previously traded, according to analyst Ali Martinez.
Institutional Inflows and Exchange Withdrawals
US spot SOL exchange-traded funds have recorded nine consecutive weeks of net inflows, with over $200 million entering these investment vehicles over the past month. August alone saw nearly $28 million in inflows. Simultaneously, more than 3 million SOL have been withdrawn from exchanges during the same period, reducing available supply on trading platforms.
Network Activity and Adoption
Solana reached a peak of 12 million new addresses on September 11 and continues to add approximately 10.8 million new addresses daily. The network has also seen growing activity in tokenized stocks, with 63% of this activity occurring after traditional US markets close. Tokenized-equity holders on Solana now exceed 727,000.
Total value locked on Solana increased more than 18%, rising from approximately $4.82 billion to roughly $5.7 billion.
Corporate Treasury Expansion
DeFi Development Corp. increased its Solana holdings, adding 55,491 tokens since August 27 and now holding approximately 2.39 million SOL and SOL equivalents. The company established a $300 million at-the-market program, with proceeds directed toward additional SOL purchases. DeFi Development Corp. now holds the second-largest Solana treasury among corporate holders.
Price Outlook
SOL is up nearly 30% over the past month. Reclaiming the $102.5 level could reduce near-term pressure on the asset. If support at $95 fails to hold, the price could decline toward the $93-$94 range. An upcoming Federal Reserve decision is expected to increase market volatility.
