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According to data from CoinGlass, Solana has seen a significant movement in a few days, with $224 million worth of SOL being transferred to centralized exchanges over the past seven days. This substantial inflow marks one of the highest in months.
In the last seven days, centralized exchanges received a net inflow of $224 million in SOL, the biggest total since the third week of March. A substantial transfer of coins to exchanges may signal that holders are preparing to sell their coins or use them in derivatives trading or DeFi.
This latest move clouds SOL's bullish technical outlook as 2025 gets underway. Historically, huge inflows to exchanges for SOL have coincided with price corrections, as evidenced by a comparable inflow in March 2024, when SOL's price gain peaked near $200.
Back then, exchanges saw a net influx of more than $300 million in SOL; the rise coincided with SOL's price rally losing momentum, opening the way for a seven-month range play between $120 and $200. This time, the market is eagerly looking to see if the trend will recur or if SOL can continue its upward trajectory.
SOL price outlook
At writing time, SOL was up 1.03% in the last 24 hours to $215.99 and up 12% in the previous seven days.
The RSI has risen above midpoint, implying that buyers may soon have the upper hand. Solana has moved in a range between its daily moving averages of 50 and 200 at $219 and $170, respectively, since Dec. 19.
If the price rises from its current level, the bulls might try again to push SOL above the 50-day SMA. If they can pull it off, SOL may exit its current trading range and rise to $234, then $247.
This optimistic view might be dashed if the SOL price falls and breaks below the $182 support. This might push Solana's price down to the daily SMA 200 at $170, allowing SOL to move inside its present range for a little longer.