Solana (SOL) has seen significant withdrawals from exchanges alongside a sharp price decline, with 1.077 million SOL moved off platforms in 72 hours. The price fell to near $84.47, a 4.37% drop, while remaining within a bearish descending channel. Analysts note buyers are active in the spot market, but the overall structure remains negative, with price momentum driven by derivatives and a concentration of leverage creating potential for volatility.
Over 1 million Solana tokens were withdrawn from centralized exchanges in the past 72 hours, reducing readily available sell-side liquidity. This supply contraction occurred as SOL’s price fell to approximately $84.47, down over 4% in 24 hours.
Market participants reduced exchange exposure while the price weakened, suggesting strategic repositioning. Although declining exchange balances typically limit sudden spot sell-offs, the price has not yet stabilized.
Solana continues to trade within a clearly defined descending channel, maintaining lower highs and lower lows. The price has repeatedly failed to reclaim the 50-day Exponential Moving Average near $119, reinforcing bearish control.
Momentum indicators show the Relative Strength Index has slipped to around 28, deep into oversold territory. Such readings usually emerge during mature phases of downside moves rather than at confirmed reversal points.
Despite the falling price, Spot Taker CVD data remains decisively buyer-dominant across a 90-day window. This indicates absorption of selling pressure rather than capitulation, slowing downside velocity instead of reversing the trend.
The Binance SOL/USDT liquidation heatmap shows dense leverage clusters above the current price, concentrated around $85–$86. This positioning indicates a buildup of short-side exposure, creating potential for rapid upside volatility if forced liquidations are triggered.
Solana shows signs of supply absorption and slowing downside momentum, yet its price structure remains decisively bearish. The asset likely needs clear structural repair before internal demand signals can meaningfully influence the trend direction.
