SOL, the native token of the Solana blockchain, is garnering significant attention from crypto enthusiasts due to its recent price drop and whale activity. Today, February 25, 2025, a blockchain-based transaction tracker, Crypto Beast, made a post on X (formerly Twitter), stating, “Binance is selling all their Solana holdings.”
This post on X went viral, gaining significant attention from crypto enthusiasts and causing a price drop of over 8% in the past 24 hours. With this substantial decline, SOL is currently trading near $143, while its trading volume during the same period has soared by 130%, indicating heightened participation from traders and investors.
The jump in trading volume doesn’t necessarily indicate a bullish or bearish signal. It typically occurs when an asset experiences significant movement in either direction or undergoes a breakout or breakdown, prompting traders and investors to take action.
However, in this case, the sentiment is negative—whales are offloading, prices are falling significantly, and this has led to millions of dollars in liquidations.
Apart from Binance selling off its Solana holdings, another factor contributing to SOL’s bearish trend is the upcoming unlock of $1.7 billion worth of SOL tokens, scheduled for March 1, 2025.
With these developments in the crypto market, SOL has already lost 45% of its value in the past 30 days and is approaching a crucial support level at $130, which has a strong history of buying pressure and price reversals.
According to expert technical analysis, if SOL fails to hold this support level and closes a daily candle below $120, there is a strong possibility that it could drop by 35%, reaching another support level at $75 in the future.
Despite this bearish outlook, investors and long-term holders appear to be accumulating the asset, according to on-chain analytics firm Coinglass. Data from spot inflow/outflow reveals that exchanges have witnessed an outflow of nearly $200 million worth of SOL in the past 48 hours.
Such a significant outflow from exchanges suggests potential accumulation and could lead to buying pressure and an upside rally. However, given the current market sentiment, this remains doubtful.
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