Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not responsible for any financial losses incurred while trading cryptocurrencies. Do your own research by contacting financial experts before making any investment decisions. We believe all content to be accurate as of the date of publication, but some offers mentioned may no longer be available.
According to data from Queen GlassSolana has seen significant movement in just a few days, with $224 million worth of SOL transferred to centralized exchanges over the past seven days. This large influx represents one of the highest rates in months.
In the past seven days, central exchanges received a net inflow of $224 million in SOL, the largest total since the third week of March. A large transfer of coins to exchanges may indicate that holders are preparing to sell their coins or use them for derivatives trading or decentralized finance.
Related to
This latest move clouds SOL's bullish technical outlook heading into 2025. Historically, massive inflows to SOL exchanges have coincided with price corrections, as evidenced by a similar influx in March 2024, when SOL price gains peaked near $200.
At the time, exchanges saw a net inflow of over $300 million in SOL; The rally coincided with a loss of momentum for the SOL price rally, opening the way for a trade in a seven-month range between $120 and $200. This time, the market is eagerly looking to see if the trend will repeat or if SOL can continue its upward trajectory.
SOL price forecast
At the time of writing, Sol It has risen by 1.03% in the past 24 hours to $215.99 and by 12% in the previous seven days.
Related to
The RSI has risen above the midpoint, indicating that buyers may soon have the upper hand. The Solana coin has moved in a range between its 50 and 200 daily moving averages at $219 and $170, respectively, since December 19.
If the price rises from its current level, the bulls may once again try to push SOL above the 50-day SMA. If they can achieve this, SOL could break out of the current trading range and rise to $234, then $247.
This optimistic outlook may dissipate if SOL price declines and falls below the $182 support level. This could push Solana's price down to the daily 200 SMA at $170, allowing SOL to move within its current range for a bit longer.
Source link