- 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.
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