Centralized exchanges have experienced the largest net inflow of SOL tokens since March, according to data from Coinglass, raising concerns about the token’s bullish technical outlook.
Last week, centralized exchanges saw a significant net inflow of $227.21 million in SOL, the cryptocurrency powering Solana’s blockchain. This marks the highest influx since the third week of March, when exchanges recorded an inflow of over $300 million. During that period, SOL’s price rally peaked near $200, which led to a seven-month trading range between $120 and $200.
Such large movements of coins to exchanges often suggest that holders might be preparing to sell their tokens or use them in derivatives trading or decentralized finance (DeFi) strategies.
This recent influx of SOL to exchanges complicates the token’s previously positive technical outlook, which had suggested that prices could potentially revisit the November high of over $260. The bullish “throwback” pattern, which recently helped defend key support levels, now faces uncertainty.
Additionally, activity in the SOL options market on Deribit reveals a lack of bullish sentiment. According to analytics platform Amberdata, traders have been net sellers of call options, signaling a decline in demand for higher-priced bets on SOL.
