Solana falls 8.3% as whale wallets and ETF inflows reach new highs

Whale accumulation and fresh wallet growth

Crypto analyst Ali Charts observed that, even as the price retreated, Solana’s network displayed continued vitality. Over the past week, the blockchain registered approximately 9.5 million new wallet addresses daily, underscoring robust network expansion during a period of price weakness.

Meanwhile, the number of whale wallets—addresses holding at least 10,000 SOL—increased by 52, a rise of 1.58% within one week. When these large holders accumulate tokens, the liquidity available for short-term trading tends to contract, which can reduce potential selling pressure in the market.

Solana’s network added 9.5 million new wallets per day last week, and the number of wallets holding 10,000 SOL or more grew by 52, even as the price declined.

Rising institutional inflows and reduced exchange supply

Institutional confidence in Solana has also intensified. Spot Solana exchange-traded funds in the United States registered seven consecutive weeks of net capital inflows. In the most recent week, these ETFs drew more than 1.2 million SOL, equivalent to approximately $120 million.

According to recent 13F filings, Goldman Sachs emerged as the largest known institutional holder of spot Solana ETFs, which signals mounting interest from traditional finance sectors. This growth demonstrates accelerating institutional acceptance of Solana as a blockchain platform and investment asset.

Additionally, the supply of SOL held on centralized exchanges declined by 4.91% over the last week as roughly 2.6 million SOL were withdrawn from these platforms. Analysts interpret this shift as a sign that investors are moving coins to self-custody wallets and planning for longer holding periods.

Prominent analyst CryptosBatman indicated that SOL has broken out of a key accumulation pattern. The $83 to $85 range is being watched as an important support zone for a potential retest, which, if maintained, could provide momentum for Solana to target the $150 mark.

If the $83–$85 support holds, SOL could see a renewed surge toward $150 or higher.

Technical data highlights $103 as a primary support level, with nearly 39 million SOL purchased at this price band. Resistance levels are noted at $123 and $132, areas where trading volume was previously concentrated. A sustained move above both could reinforce a bullish outlook for SOL.

Blockchain performance and governance decisions

Beyond price movement, data from Solana’s blockchain operations show a spike in network activity and fees. Average fee revenue surged to around 9,200 SOL over a seven-day period as of August 27, representing an over 80% increase compared to three months ago.

The volume of non-vote transactions climbed to an all-time high of 191 million on a seven-day average, rising from just 88 million at this time last year. Additionally, Jito validator tips rose to 2,073 SOL per day, marking a 26% increase week-over-week.

A notable governance initiative was concluded Friday, as the Double Disinflation (SGP-0002) proposal was approved with 67% community support. This measure raises Solana’s annual disinflation rate from 15% to 30%, which is expected to reduce the future SOL supply by about 18.9 million coins over six years.

Following this adjustment, staking rewards are forecast to decrease from around 5.25% to 2.25% by year three. While smaller validators relying on inflationary rewards may face financial pressure, regular users are not expected to notice changes in network performance or transaction fees.

Solana’s ecosystem, recognized for its high throughput and low transaction fees, continues to demonstrate a combination of technical growth and ongoing investor interest.

Mini dictionary: Double Disinflation (SGP-0002), a Solana governance proposal, aimed to accelerate the rate at which SOL issuance decreases, thereby increasing the scarcity of new tokens entering circulation and potentially supporting long-term price stability.