A SOL market dynamic that characterized the March 2024 price peak has reappeared, clouding the token’s bullish technical outlook.
Last week, centralized exchanges recorded a sizeable net inflow of $227.21 million in SOL, the token that powers the Solana smart contract blockchain, marking the largest inflow since the third week of March, according to Coinglass.
Back then, exchanges saw a net inflow of more than $300 million into SOL. Interestingly, that timing coincided with SOL’s then price rally that peaked near $200 and paved the way for a seven-month range between $120 and $200.
A large movement of coins onto exchanges indicates that holders may be preparing to sell their coins or put them to work in derivatives trading or DeFi strategies.
The latest entry therefore clouds the positive technical outlook that suggests prices could re-reach the November high above $260, having recently defended key support in a bullish “retracement” pattern.
Activity on the Deribit-listed SOL options market shows a lack of bullish enthusiasm. According to data analytics platform Amberdata, traders have been net sellers of upside (call options) on SOL.
