SOL Worth $227M Transferred to Centralized Exchanges, Supporting Bullish Technical Trend

Centralized exchanges have witnessed the largest net inflow of SOL tokens since March, raising questions about the token’s bullish technical outlook, as reported by Coinglass.

Last week, exchanges recorded a significant net inflow of $227.21 million in SOL, the native cryptocurrency of Solana’s blockchain. This marks the largest influx since March’s third week, when more than $300 million worth of SOL was transferred to exchanges. During that period, SOL’s price surged to nearly $200, eventually resulting in a seven-month price range between $120 and $200.

A substantial movement of tokens into exchanges typically suggests that holders may be preparing to sell or engage in derivatives trading or decentralized finance (DeFi) strategies.

This recent inflow complicates the otherwise positive technical outlook, which had previously suggested that SOL could revisit the November 2024 high of over $260, especially after the coin successfully defended key support levels in a bullish “throwback” pattern.

Moreover, the SOL options market on Deribit shows a lack of bullish momentum. According to data from Amberdata, traders have been predominantly net sellers of call options, indicating a decline in interest for bullish positions on SOL.