Solana’s native token, SOL, has experienced its largest net inflow to centralized exchanges since March 2024, potentially signaling a shift in market sentiment.
$227 Million SOL Center Moves to Stock Markets, Raising Questions About Bullish Momentum
According to data from Coinglass, centralized exchanges saw a net inflow of $227.21 million in SOL last week, mirroring a pattern observed during the token’s price peak last March.
In March 2024, SOL inflows to exchanges surpassed $300 million, coinciding with the token reaching its then-peak of around $200. Following this influx, SOL entered a prolonged trading range between $120 and $200, signaling a period of consolidation.
The recent inflows have raised concerns that asset owners may be preparing to sell their holdings or use them as leverage for derivatives trading or decentralized finance (DeFi) strategies.
Impact on Technical Outlook
Analysts are pointing to a “reversal” pattern where prices rebound from a key support level, suggesting the potential for SOL to revisit its November highs above $260.
However, since rising foreign exchange balances are often preceded by selling pressure or speculative activity, significant inflows that could weaken the upward momentum create uncertainty.
*Not investment advice
