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Solana’s massive entry into exchanges signals possible selling pressure
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The market dynamics that marked the top of Solana (SOL) price in March 2024 it reappeared, raising doubts about the optimistic technical scenario for the token.
Over the past week, centralized exchanges have recorded a net inflow of US$227.21 million in SOLaccording to data from Coinglass. This volume is the highest since the third week of March, when users sent more than US$300 million in SOL for exchanges.
Interestingly, the March movement coincided with the peak of the token’s rise, which reached around US$200 before entering a seven-month consolidation range, between US$120 and US$200. The significant increase in coins sent to exchanges generally indicates that holders may be preparing to sell your tokens or use them in derivatives or DeFi trading strategies.
The recent influx therefore casts doubt on the positive technical scenario that suggested prices could revisit the November high above $260after defending crucial support in a bullish technical throwback pattern.
THE activity in the Solana options market also reflects a scenario cautious. According to data from the Amberdata platform, traders have been predominantly net sellers of call options in SOL. This indicates a lack of enthusiasm regarding significant future gains.
The similarity between the current SOL movement and the scenario observed in March highlights a possible pattern of behavior in the token market. The massive entry of coins into exchanges could put pressure on prices, especially if combined with the lack of optimism in the derivatives market.
Although the short-term technical support remains intactthe combination of factors suggests that investors should remain attentive to changes in the flow of SOL and market responses.
It is worth mentioning that recently, analysts projected that the SOL token could reach $242 in the short term, with the potential to reach up to $380 if it breaks the $265 resistance. According to analysis, Solana may rise due to capital injections and the expected approval of Solana ETFs.
At the time of writing this article, Solana is priced at $216.83with a daily appreciation of 1.5%, according to data from CoinGecko.
Solana’s massive entry into exchanges signals possible selling pressure
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Solana’s massive entry into exchanges signals possible selling pressure
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Solana’s massive entry into exchanges signals possible selling pressure
