A wallet associated with Galaxy moved 200,000 Solana (SOL) worth approximately $16 million to exchanges Binance, OKX, and Bybit. This influx interrupted a prolonged period of negative net flows, as daily spot netflow turned positive by $1.95 million as per CoinGlass analytics. SOL’s price, trading near $80, remains within a descending channel with oversold technical indicators, while liquidation clusters suggest heightened volatility ahead.
A wallet linked to Galaxy deposited 200,000 SOL, valued around $16 million, into major cryptocurrency exchanges. “When coins move onto exchanges, traders anticipate potential distribution,” as noted in market observations.
SOL continues to trend inside a well-defined descending channel on the daily chart, recently losing the $89.75 level. The broader demand region now stretches between $78.07 and $89.75.
The daily RSI reads 26.86, signaling oversold conditions that can invite reflex rallies. However, strong downtrends can suppress the RSI for extended periods.
Spot Taker CVD over 90 days shows clear buyer dominance, with aggressive participants lifting offers. This creates a divergence as price continues to print lower highs within the channel.
The Binance SOL/USDT liquidation heatmap reveals dense leverage stacked just above current price levels. Meaningful liquidity also rests below the $78 support region, acting as volatility magnets.
The market’s reaction around the $78 support zone now outweighs the initial impact of the exchange inflow. Compressed liquidity between overhead shorts and vulnerable longs increases the probability of sharp volatility expansion soon.
