SOL Token Analysis

SOL, the native token of the Solana blockchain, is garnering significant attention from crypto enthusiasts due to its recent price drop and whale activity. Today, February 25, 2025, a blockchain-based transaction tracker, Crypto Beast, made a post on X (formerly Twitter), stating, “Binance is selling all their Solana holdings.”

Current Price Momentum

This post on X went viral, gaining significant attention from crypto enthusiasts and causing a price drop of over 8% in the past 24 hours. With this substantial decline, SOL is currently trading near $143, while its trading volume during the same period has soared by 130%, indicating heightened participation from traders and investors.

According to expert technical analysis, if SOL fails to hold this support level and closes a daily candle below $120, there is a strong possibility that it could drop by 35%, reaching another support level at $75 in the future.

$200 Million Worth of SOL Outflow

Despite this bearish outlook, investors and long-term holders appear to be accumulating the asset, according to on-chain analytics firm Coinglass. Data from spot inflow/outflow reveals that exchanges have witnessed an outflow of nearly $200 million worth of SOL in the past 48 hours.

Such a significant outflow from exchanges suggests potential accumulation and could lead to buying pressure and an upside rally. However, given the current market sentiment, this remains doubtful.