News View Non-AMP

Solana Rally Imminent? $24 Million of SOL Moves from Exchanges

Published by
Chandan Gupta

After a price drop of over 25% in recent days, Solana (SOL) is poised for a massive upside rally, having formed a bullish price action pattern on the four-hour timeframe. This bullish outlook has attracted notable investors and traders to the asset, as revealed by the on-chain analytics firm Coinglass.

$25 Million Solana (SOL) Outflow

Data on spot inflows and outflows revealed that as SOL’s price reached the crucial support level of $190, exchanges across DeFi witnessed an outflow of over $25 million worth of SOL tokens. This substantial outflow from exchanges indicates potential accumulation and could create buying pressure and upside momentum, which SOL is currently experiencing.

SOL is currently trading near $197 and has surged 1.50% in the past 24 hours. However, these price gains appear to be steadily increasing, indicating a bullish shift in market sentiment. During the same period, its trading volume dropped by 40%, suggesting lower participation from traders and investors compared to previous days.

$90 Million Worth Bets on SOL’s Long Positions

Looking at the current price recovery and shift in market sentiment, intraday traders are betting on the long side, as revealed by Coinglass data.

According to available data, at press time, traders holding long positions are over-leveraged at $188.8, believing that SOL’s price will not fall below this level. They have opened long positions worth $90.50 million. Conversely, $197.50 is another key level where traders holding short positions are over-leveraged, currently holding $33.70 million in short positions.

This data shows that bets on the long side are significantly higher than short positions, indicating that investors believe SOL’s price won’t fall below the $188.80 level in the coming days.

Solana (SOL) Price Action and Upcoming Levels

According to expert technical analysis, SOL is at a crucial support level of $189, aligning with the 200 Exponential Moving Average (EMA) on the daily timeframe.

Additionally, the asset is poised for a breakout above the descending trendline resistance, which it has been facing since January 20, 2024.

Based on recent price action, if SOL breaches this resistance level and closes a four-hour candle above $200, there is a strong possibility it could soar by 15% to reach $230 in the near future.

Chandan Gupta

Chandan Gupta is a crypto analyst and news writer at CoinPedia. He specializes in market analysis using on-chain metrics and industry insights to forecast market trends. With over four years of trading experience, Chandan simplifies complex concepts in technical and on-chain analysis, making them easy to understand. At CoinPedia, he leverages his expertise to identify and present emerging opportunities in the cryptocurrency space

Recent Posts

Best Memecoin To Buy Now? Pepeto Could Mirror Doge and SHIB Past Price Rallies

The memecoin world is going through a big transformation. Where tokens once thrived purely on…

July 5, 2025

These 4 Meme Coins Could 20x in 2025 as Spot Dogecoin ETF Nears SEC Approval

The meme coin market is heating up like never before—and 2025 might just be the…

July 5, 2025

Liked by Investors: This $0.03 Coin Has the Same Upside Potential as XRP (XRP) in Early Days

Years ago, XRP traded under a penny, shrugged off by many who didn’t fully grasp…

July 5, 2025

Why Remittix’s Unique PayFi Offering Has Cardano & XRP Whales Circling After $15 Million Is Raised!

Remittix is quickly gaining ground as a serious crypto player, especially after raising over $15.9…

July 5, 2025

XRP’s Tight Range Signals Imminent Move–Experts Predict Major Breakout

XRP is standing out with exceptional strength amid broader volatility in the crypto market. Analysts…

July 5, 2025

Is Ethereum Going To Find Resistance At $2,500 Or Are More Losses Incoming? Investors Are Hedging With RTX, SUI & KAS

Ethereum has shown signs of life, but traders aren’t fully convinced just yet. With $2,500…

July 5, 2025