Can Solana (SOL) maintain its 4th spot amid $182.5M outflows?

• 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 XRP.

Solana [SOL], the world’s fourth-largest cryptocurrency by market cap, is currently consolidating within a tight range and has formed a bearish price action pattern.

Meanwhile, altcoins like Ethereum [ETH] and Ripple [XRP] are displaying strong bullish momentum, raising concerns among SOL holders about its position.

According to CoinMarketCap, Solana’s market cap has remained at $114.4 billion despite sideways movement, while XRP has experienced an 80% upward momentum, reaching a market cap of $106.5 billion.

Strong participation of whales

Data from Coinglass shows that despite SOL’s consolidation, long-term holders have been accumulating the asset.

Coinglass’s SOL Spot Inflow/Outflow metrics reveal significant outflows of $182.5 million from exchanges, indicating accumulation by whales and long-term holders.

Source: Coinglass

The crypto community sees exchange outflows as a positive sign, signaling a potential buying opportunity and upward momentum.

Traders’ recent activity

Traders have also shown strong interest and confidence in SOL, with the Binance SOLUSDT Long/Short ratio standing at 2.77, indicating bullish sentiment.

Source: Coinglass

Currently, 73.5% of top Binance traders hold long positions, while 26.5% hold short positions.

The combination of on-chain metrics and technical analysis suggests that bulls are dominating SOL and aiming to maintain its fourth position.

Solana’s technical analysis and key levels

AMBCrypto’s technical analysis indicates that Solana is forming a bearish head-and-shoulder pattern, with a potential downside if it breaks below $230.

Source: TradingView

If SOL closes above $245, the bearish outlook may end, leading to a possible new high. The RSI suggests potential upside with room for growth.

Read Solana’s [SOL] Price Prediction 2024–2025

At press time, SOL was trading near $242 with a slight price decline in the past 24 hours but a significant increase in volume, indicating heightened participation from traders and investors.