Over 2.2M SOL left exchanges in May, signaling accumulation, price stability at $200, and growing holder confidence.
Solana’s $250M USDC mint boosts DeFi liquidity, highlighting its role in fast, low-cost stablecoin transactions.
SOL futures surge on CME, with key $180 resistance hinting at potential breakouts or pullbacks near $150-$160.
Over 2.2 million SOL tokens exited crypto exchanges throughout May, triggering renewed speculation of accumulation and strengthening holder confidence. Solana’s on-chain fundamentals remain strong, supported by a sharp rise in DeFi total value locked and sustained derivative activity.
https://twitter.com/CryptosR_Us/status/1927068537027211461
According to a post by CryptoRus, “Over 2.2M $SOL exited exchanges in May, a sign of accumulation and rising holder conviction.” Data from Glassnode shows the SOL balance on exchanges fell below 30M on May 18, the lowest in 2024. This ongoing reduction coincides with price stabilization around $200, suggesting suppressed sell pressure and strong demand from long-term holders.
Throughout Q2, SOL’s exchange supply fell from around 36M to below 30M, correlating with price recoveries from $130 to over $190. Analysts note this reflects growing investor trust in the network's long-term value. The steady downtrend in available supply may position SOL for significant upward momentum if resistance levels are breached.
USDC Minting Adds Liquidity to Solana Ecosystem
Massive stablecoin inflows could catalyze further upside. According to Curb.sol, 250 million USDC were minted on Solana via Circle's Token Program protocol, reinforcing Solana’s capacity to handle large-scale transactions with low fees and speed.
The on-chain transaction, block 341044616, was confirmed successful, involving a direct mint to Circle’s wallet. The integration demonstrates Solana’s infrastructure readiness for stablecoin-related DeFi growth, supporting lending, trading, and on-chain payments. The Circle protocol's backing adds credibility, highlighting increased institutional engagement.
This minting event further strengthens Solana’s DeFi liquidity profile. Analysts believe rising USDC activity could feed into deeper ecosystem participation, particularly as Solana’s TVL approaches the $10 billion mark. This strengthens Solana’s position as a core DeFi and stablecoin settlement layer in the market.
Derivatives Metrics Signal Rising Trader Interest
Futures market data reflect growing trader exposure. According to Stacy Muur, SOL futures volume on CME spiked to 1.5M on May 18, while open interest climbed steadily from 450 to over 1,500 between April 11 and May 18.
Such increases in open interest often signal building momentum and leveraged positioning. Simultaneously, Whale Watch Perps reported that a top trader on Hyperliquid reduced their $747.38K long at an average entry of $176.33, suggesting cautious profit-taking near key resistance zones.
Technical analysts say SOL is testing a key horizontal resistance at $180, forming a cup and handle. If broken with volume, targets lie at $211. However, failure at this level could trigger a pullback toward $150–$160, with $123 as structural invalidation.
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