SOL Worth $10+M Moved to Binance: Is a Sell-off Brewing?

The whale tracking platform Whale Alert shared in an X post earlier today that a whale transferred a huge amount of Solana (SOL) tokens to an exchange. According to the post, about 199,999 SOL was moved from an unknown wallet to Binance. The transferred SOL was worth approximately $10,487,432.

Consequently, rumors of a possible sell-off circulated within the cryptocurrency community and among traders. Talks of a selloff might not be so far-fetched as SOL’s price decreased by 1.89% over the past 24 hours of trading.

As a result, CoinMarketCap data indicated that, at press time, the Ethereum-killer was trading at $54.83 after it set a low price of $51.56. SOL also saw a more than 28% increase in its 24-hour volume, which ended up taking the total volume to $2,531,052,798.

On the other hand, any blows dealt to the SOL price could be softened by the recent announcement made by the BIT exchange. According to the exchange founder, Jihan Wu, the firm is all set to launch SOL options trading following the colossal surge in institutional demand.

Daily chart for SOL/USDT (Source: TradingView)

From a technical perspective, SOL dropped below the key $56.95 support level over the past 48 hours and continued to trade below this level at press time. Should SOL close today’s daily candle under $56.95, then it may be at risk of falling to as low as $47.60 through the course of the next few days.

This bearish thesis may be invalidated if the cryptocurrency’s price is able to close a trading session above $56.95 within the next 48 hours. This could then give the altcoin the foundation needed to rise to the subsequent resistance level at $68.85 in the short term.