SOL, the native token of the Solana blockchain, is garnering vital consideration from crypto fanatics resulting from its current worth drop and whale exercise. At present, February 25, 2025, a blockchain-based transaction tracker, Crypto Beast, made a publish on X (previously Twitter), stating, “Binance is promoting all their Solana holdings.”
Present Worth Momentum
This publish on X went viral, gaining vital consideration from crypto fanatics and inflicting a worth drop of over 8% previously 24 hours. With this substantial decline, SOL is at the moment buying and selling close to $143, whereas its buying and selling quantity throughout the identical interval has soared by 130%, indicating heightened participation from merchants and buyers.
https://twitter.com/cryptobeastreal/standing/1894290466612412870
The soar in buying and selling quantity doesn’t essentially point out a bullish or bearish sign. It sometimes happens when an asset experiences vital motion in both course or undergoes a breakout or breakdown, prompting merchants and buyers to take motion.
Nevertheless, on this case, the sentiment is destructive—whales are offloading, costs are falling considerably, and this has led to hundreds of thousands of {dollars} in liquidations.
Solana (SOL) Technical Evaluation and Worth Prediction
Aside from Binance promoting off its Solana holdings, one other issue contributing to SOL’s bearish development is the upcoming unlock of $1.7 billion price of SOL tokens, scheduled for March 1, 2025.
With these developments within the crypto market, SOL has already misplaced 45% of its worth previously 30 days and is approaching an important assist degree at $130, which has a powerful historical past of shopping for stress and worth reversals.
In response to knowledgeable technical evaluation, if SOL fails to carry this assist degree and closes a each day candle under $120, there’s a robust chance that it may drop by 35%, reaching one other assist degree at $75 sooner or later.
$200 Million Price of SOL Outflow
Regardless of this bearish outlook, buyers and long-term holders seem like accumulating the asset, based on on-chain analytics agency Coinglass. Knowledge from spot influx/outflow reveals that exchanges have witnessed an outflow of almost $200 million price of SOL previously 48 hours.
Such a big outflow from exchanges suggests potential accumulation and will result in shopping for stress and an upside rally. Nevertheless, given the present market sentiment, this stays uncertain.
