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Solana Rally Imminent? $24 Million of SOL Moves from Exchanges
Recent data suggests that the price of Solana (SOL) is poised for a massive upside rally, as it has formed a bullish price action pattern on the four-hour timeframe. This development has attracted notable investors and traders to the asset, as revealed by Coinglass’s spot inflows and outflows analytics.
Notably, data from Coinglass shows an outflow of over $24 million worth of SOL tokens from exchanges across DeFi. This substantial outflow from exchanges indicates potential accumulation and could create buying pressure and upside momentum for SOL, which it is currently experiencing.
Currently, SOL is 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.
Interestingly, data suggests that during the same period, its trading volume dropped by 40%, suggesting lower participation from traders and investors compared to previous days.
Source: https://coinpedia.org/news/solana-rally-imminent-24-million-of-sol-moves-from-exchanges/
