Recent data from CoinGlass sheds light on a remarkable $224 million surge associated with Solana (SOL) as it sees a notable influx of funds into centralized exchanges. Over the past week, this activity stands out as one of the most substantial movements witnessed in months.
In detail, centralized exchanges welcomed a net inflow of $224 million in SOL, marking the largest total since mid-March. This significant transfer suggests that holders might be gearing up to either cash out their investments or engage in derivatives trading, as many participate in decentralized finance interactions.
However, this latest movement has cast a shadow over SOL’s bullish outlook as 2025 approaches. Historically, surges in exchanges for Solana often align with price corrections, an observation supported by the influx seen in March 2024, when SOL’s price peaked near $200.
During that period, exchanges recorded a staggering net influx of over $300 million in SOL, coinciding with a slowdown in SOL’s price rally. This scenario led to a seven-month period where prices fluctuated between $120 and $200. As the market watches closely, the question remains: will history repeat itself, or can SOL maintain its upward momentum?
Turning our gaze to the price outlook, as of the latest update, SOL has seen a modest increase of 1.03% in the last 24 hours, now sitting at $215.99, with a notable 12% rise over the past week.
The Relative Strength Index (RSI) has climbed above the midpoint, signaling potential bullish sentiment among buyers. Since mid-December, Solana has oscillated between the daily moving averages of $219 and $170.
Should the price elevate from its current standing, bullish traders may aim to propel SOL above the 50-day Simple Moving Average (SMA). A successful breakout may push SOL beyond $234 and potentially reach $247. On the flip side, a decline below the $182 support could present challenges, dragging Solana’s price toward the 200-day SMA at $170, ensuring that SOL stays within its current range a bit longer.
As the market evolves, it remains crucial for investors to stay informed of these movements and trends surrounding Solana, given the emotional and financial stakes involved. People resonate with stories of success, and when substantial sums like $224 million are at play, it’s vital to understand the implications on their financial journey.
