SOL Valued at $227M Shifts to Centralized Exchanges, Enhancing Bullish Technical Sentiment

Centralized exchanges have seen the largest net inflow of SOL tokens since March, raising concerns over the cryptocurrency’s bullish technical outlook, as reported by Coinglass.

Last week, centralized exchanges recorded a notable net inflow of $227.21 million in SOL, the native token of Solana’s blockchain. This marks the highest influx since the third week of March, when exchanges saw a similar surge of over $300 million in SOL. At that time, SOL’s price rally peaked near $200, ultimately leading to a range-bound market between $120 and $200 for the following seven months.

The significant movement of coins to exchanges typically suggests that holders may be preparing to sell their holdings or engage in derivatives trading or DeFi activities.

This recent influx of SOL into centralized exchanges raises doubts about the token’s bullish technical prospects, which had pointed toward a potential price revisit to the November high of over $260, following a successful defense of key support levels in a bullish “throwback” pattern.

Further dampening the bullish sentiment, activity in the SOL options market on Deribit reflects a lack of enthusiasm among traders. Data from Amberdata shows that traders have predominantly been net sellers of call options, signaling a decrease in demand for higher-priced positions on SOL.