In recent days, 2.8 million SOL tokens have been spotted moving to Binance. Under normal conditions, that might raise red flags. But amid growing sell-side liquidity, this could actually mark a key moment for buyers. Solana continues to show signs of resilience, and some analysts believe this could be the setup for a push back toward $160.
SOL Under Pressure – But Bulls Haven’t Given Up
Despite falling back below $160 after peaking at $187 in May, Solana remains relatively strong in the mid-term view. The token closed May with nearly 6.8% gains, and the dip only followed renewed macroeconomic fears and broader crypto market uncertainty.
But there’s more beneath the surface. Blockchain data suggests that long-term holders are beginning to sell – for the first time in nearly five months. The net position change for HODLers (holding over 155 days) has flipped negative.
On June 2 alone, losses totaling $330 million were recorded while SOL traded near $156. This could mean profit-taking at a critical threshold or an early retreat ahead of tightening conditions.
Binance Dump – Start of a Cycle or False Alarm?
The recent movement of 2.8 million SOL to Binance might look alarming. If history repeats, this could be the beginning of another capitulation cycle, similar to what we saw in late February.
Rising sell-side liquidity has also empowered short-sellers, with negative funding rates observed across major exchanges over the last several days. Since May 27, over $9.5 million in long positions have been liquidated – a sign of caution and unstable sentiment.
But Exchange Outflows Tell a Different Story
Despite these warning signs, the bulls may not be out of the game. A strong signal in their favor is the continued outflow of SOL from exchanges – more tokens are being withdrawn than deposited, indicating that investors are still accumulating rather than selling.
This sharply contrasts with the last panic-driven cycle, when exchanges saw a surge in deposits and SOL reserves ballooned. If the current trend holds, the liquidity wall at Binance could serve as a launchpad for the next rally instead of a ceiling.
Summary: Is Solana Poised for a Rebound?
🔹 The 2.8M SOL inflow to Binance adds pressure – but also opportunity for bulls.
🔹 Long-term holders are showing weakness, yet exchange reserves are still shrinking.
🔹 The market remains fragile, but if bullish momentum persists, a recovery above $160 is possible.
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