A SOL market dynamic has reappeared depicting the March 2024 peak price, darkening the token’s bullish technical outlook.
Last week, centralized exchanges recorded a huge net inflow of $227.21 million in SOL, the token that powers Solana’s smart contract blockchain, marking the highest inflow since the third week of March, according to Coinglass.
Back then, the exchanges saw a net inflow of over $300 million in SOL. Interestingly, that moment coincided with SOL’s the-noon price rally rising near $200 and paved the way for a seven-month range of play between $120 and $200.
A large movement of coins on exchanges indicates that holders may be preparing to sell their coins or put them to work in derivatives trading or DeFi strategies.
The latest move, thus, is fueling the positive technical outlook that suggests prices may revisit the November high above $260, which recently defended key support at a bullish “throwback” pattern.
SOL options market activity listed on Deribit shows a lack of bullish excitement. With each data analytics platform Amberdata, traders become net sellers of upside (call options) on SOL.
