According to data from Glassnode cited by analyst Murphy (BlockBeats), the SOL balance on CEX has decreased sharply by 27.4% since the beginning of March. Specifically, from 37.22 million SOL down to only 27.01 million – close to the historical low recorded in October 2022.
🔍 In-depth perspective:
• Withdrawing from exchanges = holders moving to cold wallets or staking → positive signal regarding holding sentiment.
• The cash flow is shrinking on CEX → spot selling pressure is noticeably decreasing.
📊 What should traders pay attention to?
• This is a long-term positive signal, but it does not mean an immediate uptrend.
• Carefully observe the price behavior around the $160–$165 area. If the price does not break down, the likelihood of a strong rebound from here is quite high.
• Be cautious if the overall market adjusts – as SOL is still affected by macro sentiment.
⚠️ In summary:
The deep reduction in supply on exchanges is the 'foundation' for the next increase. However, price action remains the decisive factor for a good entry point.
👇 Are you accumulating $SOL or standing aside to observe? Comment to share your perspective – Follow to not miss the next signal!
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