{"id":825588,"date":"2025-02-09T07:11:39","date_gmt":"2025-02-09T13:11:39","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2025\/02\/09\/solana-rally-imminent-24-million-of-sol-moves-from-exchanges\/"},"modified":"2025-02-09T07:11:39","modified_gmt":"2025-02-09T13:11:39","slug":"solana-rally-imminent-24-million-of-sol-moves-from-exchanges","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2025\/02\/09\/solana-rally-imminent-24-million-of-sol-moves-from-exchanges\/","title":{"rendered":"Solana Rally Imminent? $24 Million of SOL Moves from Exchanges"},"content":{"rendered":"
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After a price drop of over 25% in recent days, Solana (SOL) is poised for a massive upside rally, having formed a bullish price action pattern on the four-hour timeframe. This bullish outlook has attracted notable investors and traders to the asset, as revealed by the on-chain analytics firm Coinglass.<\/p>\n

$25 Million Solana (SOL) Outflow\u00a0<\/strong><\/h2>\n

Data on spot inflows and outflows revealed that as SOL\u2019s price reached the crucial support level of $190, exchanges across DeFi witnessed an outflow of over $25 million worth of SOL tokens. This substantial outflow from exchanges indicates potential accumulation and could create buying pressure and upside momentum, which SOL is currently experiencing.<\/p>\n

SOL is currently trading near $197 and has surged 1.50% in the past 24 hours. However, these price gains appear to be steadily increasing, indicating a bullish shift in market sentiment. During the same period, its trading volume dropped by 40%, suggesting lower participation from traders and investors compared to previous days.<\/p>\n

$90 Million Worth Bets on SOL\u2019s Long Positions\u00a0<\/strong><\/h2>\n

Looking at the current price recovery and shift in market sentiment, intraday traders are betting on the long side, as revealed by Coinglass data.<\/p>\n

According to available data, at press time, traders holding long positions are over-leveraged at $188.8, believing that SOL\u2019s price will not fall below this level. They have opened long positions worth $90.50 million. Conversely, $197.50 is another key level where traders holding short positions are over-leveraged, currently holding $33.70 million in short positions.<\/p>\n

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Source: Coinglass<\/figcaption><\/figure>\n

This data shows that bets on the long side are significantly higher than short positions, indicating that investors believe SOL\u2019s price won\u2019t fall below the $188.80 level in the coming days.<\/p>\n

Solana (SOL) Price Action and Upcoming Levels<\/strong><\/h2>\n

According to expert technical analysis, SOL is at a crucial support level of $189, aligning with the 200 Exponential Moving Average (EMA) on the daily timeframe.<\/p>\n

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Source: Trading View<\/figcaption><\/figure>\n

Additionally, the asset is poised for a breakout above the descending trendline resistance, which it has been facing since January 20, 2024.<\/p>\n

Based on recent price action, if SOL breaches this resistance level and closes a four-hour candle above $200, there is a strong possibility it could soar by 15% to reach $230 in the near future.<\/p>\n<\/div>\n

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\n Chandan Gupta<\/p>\n","protected":false},"excerpt":{"rendered":"

After a price drop of over 25% in recent days, Solana (SOL) is poised for a massive upside rally, having formed a bullish price action pattern on the four-hour timeframe. This bullish outlook has attracted notable investors and traders to the asset, as revealed by the on-chain analytics firm Coinglass. $25 Million Solana (SOL) Outflow\u00a0<\/p>\n","protected":false},"author":1,"featured_media":825589,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3817,47657],"tags":[],"class_list":{"0":"post-825588","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-rally","8":"category-solana"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/825588","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=825588"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/825588\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/825589"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=825588"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=825588"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=825588"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}