solana SOL coin, the mainnet asset of the network, is again facing a significant market dynamic that has enabled it to reach its price peak in March 2024. However, a net SOL inflow of $227.21 million was recorded in the central exchanges last week. Logins to centralized exchanges are popular altcoinIt is considered as a risk factor that may overshadow the positive technical outlook of the price of .
Stock Market Entries Could Be a Direct Sign of Selling Pressure
CoinglassAccording to data provided by , the last major entry into the stock markets is reminiscent of a similar move in March 2024. At that time, there was a net inflow of over 300 million dollars to the exchanges for SOL coin and the price rose to 200 dollars. However, this peak resulted in a horizontal movement for the following seven months. Now, there is concern that a similar scenario may happen again.
Large amounts of cryptocurrency transfers to exchanges generally indicate that investors are considering selling or planning to use these assets in strategies such as derivative transactions. this too LEFTIt casts a shadow over the positive technical expectations that TL could revisit the $260 level it reached in November.
Although technical indicators currently indicate that SOL maintains an important support level and paves the way for the price to rise, the large amounts of coins being moved to exchanges make investors nervous.
Interest in Derivatives Market Still Low
SOL traded on Deribit options market It also gives a weak appearance. According to data provided by Amberdata, investors are mainly selling bullish call options. This shows that the market’s expectations for a price increase in the short term are low.
The decrease in interest in call options reveals that investors are preparing for a sideways trend or decline in SOL’s price rather than a possible rally.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
