On-chain data shows a significant shift in Solana investor behavior, with 600,000 SOL tokens recently moved to exchanges. Analysts interpret this spike in exchange inflows as a sign of rising market caution. This movement could pressure SOL’s price, with one analyst suggesting a potential decline toward $50, a level not seen since late 2023.
Solana investors have shifted tactics, with on-chain data revealing a massive spike in SOL exchange inflows. Popular analyst Ali Martinez stated this could catalyze a deeper price decline toward $50.
Martinez cited Glassnode data showing the number of SOL on exchanges rose from 27 million to over 27.6 million. He noted that such large-scale transfers to trading platforms signal rising caution around current price levels.
“Market participants are moving liquid supply out of private wallets, signaling rising caution around current price levels,” Martinez stated. He added these moves hint at potential de-risking or hedging from investors.
Martinez warned the $50 level might come into focus if this spot supply triggers an immediate flush. “A localized pullback into this key zone would serve to fully absorb the short-term panic,” he added.
SOL is up over 4.5% in the past 24 hours, reclaiming the $70 support. Fellow analyst Crypto Tony warned the asset could drop toward $60 if that level gives in.
Daan Crypto Trades focused on SOL’s potential against Bitcoin. He believes SOL is attempting a breakout from a rallying wedge on the BTC pair. This follows a bounce from the lower boundary in early June.
