Solana Exchange Balances Surge as Bearish Signals Grow

The amount of Solana (SOL) held on centralized exchanges has jumped to a two-week high, signaling increased selling pressure as the broader crypto market continues to lose steam.

Currently at 31 million SOL, the rising exchange balance suggests investors are preparing to offload holdings.

This pattern typically precedes price declines, as coins are often moved to exchanges with the intent to sell.

Adding to the bearish outlook, SOL’s futures funding rate has slipped into negative territory for the first time in over a week, currently at -0.0006%.

This indicates growing demand for short positions, further highlighting weakening sentiment.

If selling pressure persists, SOL may drop below its current support level of $142.59, potentially falling toward $123.49. A bullish reversal, however, could trigger a rebound toward $171.88.

Alexander Zdravkov

Alexander has been working in the crypto industry for three years, during which time he has established himself through his active participation in monitoring market dynamics and technological innovations. His interest in cryptocurrencies and new technologies is not just a professional commitment, but a deep personal passion. He follows the news in the sector daily, analyzes trends, and is excited about every new step in the development of blockchain solutions. His enthusiasm drives him to continuously learn and share knowledge, as he sees the future in digital finance and its role in global transformation.