As per information from CoinGlass, there’s been a considerable shift in Solana’s transactions within just a few days. Over the last week, approximately $224 million worth of SOL has moved to centralized exchanges, which is one of the highest amounts recorded in recent months.
Over the past seven days, centralized cryptocurrency platforms have seen a net inflow of approximately $224 million worth of SOL, marking the highest total since late March. This significant movement of coins towards exchanges could indicate that owners are getting ready to sell their tokens, employ them in derivatives trading or DeFi (Decentralized Finance) activities.
As an analyst, I must acknowledge that the recent development seems to cast doubt on Solana’s (SOL) bullish technical projection as we step into 2025. Notably, substantial influxes to exchanges for SOL have historically preceded price adjustments, a pattern evident in the significant inflow observed in March 2024, which coincided with a price peak for SOL nearing $200.
In the past, exchanges experienced an overall inflow of over $300 million in SOL. This surge occurred as SOL’s price rally started to slow down, setting the stage for a seven-month period where SOL traded between $120 and $200. Now, the market is intrigued to see if this trend will repeat itself or if SOL will maintain its upward movement.
SOL price outlook
Currently, the value of SOL has increased by 1.03% over the past 24 hours, reaching $215.99. Over the last seven days, it has risen by 12%.
The Relative Strength Index (RSI) has climbed above its midpoint, signifying that buyers could potentially take control soon. Solana has been fluctuating within a specific band between its 50-day and 200-day moving averages, which are currently at $219 and $170 respectively, since December 19th.
If the price increases from its current position, the bulls might attempt to push SOL above its 50-day Simple Moving Average (SMA). If they succeed in doing so, Solana could leave its current trading range and potentially rise to $234, followed by a possible move up to $247.
If the price of SOL drops and dips below the $182 support level, this optimistic outlook could be shattered. This drop might lead Solana’s price to touch the daily Simple Moving Average 200 at around $170, potentially extending its current trading range for a while.
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2025-01-06 17:40