🚨 Solana Token Price Coils Up as $120M SOL Exits Exchanges Ahead of Alpenglow Upgrade 🚨
Solana token price continues to waver this week as the consolidation that started last week continues. SOL was trading at $168 at press time, down by 8.7% from its monthly high.
Despite this, the coin is about to form a golden cross pattern, the Alpenglow upgrade is coming, and $120 million tokens have fled exchanges, pointing to an eventual comeback.
A potential catalyst that may push the Solana token price higher is that investors are not selling their coins after the 76% surge from its lowest point in April.
Instead, more coins continue leaving exchanges for self-custody.
CoinGlass data show that tokens worth $16 million have left exchanges this week after $107 million left last week.
This brings the total exchange outflows in the last two weeks at $123 million. This increase has helped to offset the $116 million coins that entered exchanges last week.
Exchange outflows happen when SOL holders move their tokens from exchanges to self-custody wallets. In most cases, outflows lead to a higher price because it signals that investors expect the coin to keep rising.
A big increase in exchange inflows signals that investors are selling their coins, leading to a lower price.