The post Can Solana (SOL) maintain its 4th spot amid $182.5M outflows? appeared on BitcoinEthereumNews.com.

73.5% of top Binance traders hold long positions, while 26.5% hold short positions. If SOL doesn’t gain momentum, it could lose its fourth spot to Ripple’s native token, XRP. Solana [SOL], the world’s fourth-largest cryptocurrency by market cap, is consolidating within a tight range and has formed a bearish price action pattern. Meanwhile, altcoins like Ethereum [ETH]  and Ripple [XRP] are showing strong bullish momentum. This raises concerns among SOL holders about its ability to maintain its position. According to CoinMarketCap, Solana’s market cap has remained at $114.4 billion despite its sideways movement over the past two weeks. In contrast, during the same period, XRP experienced an 80% upward momentum, raising its market cap to $106.5 billion. Strong participation of whales Data from the on-chain analytics firm Coinglass indicates that, despite SOL’s price remaining in a consolidation zone, long-term holders have shown strong interest in the asset. Coinglass’s SOL Spot Inflow/Outflow metrics indicate that SOL has seen significant outflows of $182.5 million from exchanges since the 23rd of November 2024. This substantial outflow suggests that whales and long-term holders have withdrawn these tokens from exchanges to their wallets, indicating accumulation. Source: Coinglass The crypto community often views exchange outflows as a positive sign, signaling a potential buying opportunity and upward momentum. Traders’ recent activity  In addition to long-term holders, traders have also shown strong interest and confidence in the token, as reported by Coinglass. At the time of writing, the Binance SOLUSDT Long/Short ratio stood at 2.77, indicating strong bullish sentiment among traders. Source: Coinglass Currently, 73.5% of top Binance traders hold long positions, while 26.5% hold short positions. The combination of these on-chain metrics with technical analysis suggests that bulls are currently dominating the asset and may be attempting to keep SOL in its fourth position. Solana’s technical analysis…

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Filed under: News - @ December 1, 2024 2:01 am