- Solana whale transferred nearly 124,000 SOL tokens to Binance on Monday.
- The $22 million transfer could contribute to selling pressure on Solana, raising concerns among traders.
- Franklin Templeton runs its node on the Solana network and hints at SOL ETF in a cryptic tweet on X.
- SOL extends gains by 2% on Wednesday and hovers near $180.
Solana (SOL) adds 2% to its value on Wednesday, riding on the optimism among market participants after the first day of Spot Ethereum ETF trading. Solana hovers around $180 at the time of writing, and the key market movers are a large-volume SOL transfer to Binance and news of likely a Solana ETF.
Data from Whale Alert, an on-chain tracker, shows a large volume Solana’s transfer to Binance on Monday. Even as Solana in exchange wallets climbs, suggesting more selling pressure as a higher volume of the asset is available for sale, the Ethereum alternative holds on to recent gains and extends its rally on Wednesday.
Solana is the apple of the eye, even as Spot Ether ETF receives SEC approval
Solana has been in the spotlight since traders anticipated Spot Ethereum ETF approval and when the Securities & Exchange Commission (SEC) gave a green flag to the investment product.
Solana is considered a close competitor to Ether, the native token of the smart contract network. With its relevance among traders, the market eyes Solana as the asset that is likely to receive SEC approval for a Spot ETF. The speculation is fueled by asset manager Franklin Templeton’s recent cryptic tweet on X.
According to its website, the asset manager runs a Solana node. Therefore, a tweet mentioning SOL and the existence of other assets that warrant an ETF product supports talks of a Solana ETF on X.
Besides Bitcoin and Ethereum, there are other exciting and major developments that we believe will drive the crypto space forward. Solana has shown major adoption and continues to mature, overcoming technological growing pains and highlighting the potential of high-throughput,…
— Franklin Templeton Digital Assets (@FTI_DA) July 23, 2024
Solana holds steady near $180, fear of sell-off persists
Solana trades close to $180 early on Wednesday. The native token of the Solana chain held on to its recent gains despite a looming fear of sell-off.
Data from Whale Alert shows a $22 million SOL transfer to Binance, a centralized exchange platform, on Monday. A rise in exchange deposits is typically considered a precursor of a sell-off in an asset because it implies a higher volume of the asset is available for sale on the platform.
Solana transfer to Binance
Solana is currently trading sideways and could correct to support at $166.92, the 61.8% Fibonacci retracement of the rally from the March 5 low of $105 to the March 18 peak of $210.18. SOL could collect liquidity in the Fair Value Gap (FVG) between $161.60 and $167.27, as shown in the SOL/USDT daily chart below, and make a comeback to the March 18 peak above $200.
The key resistance is the May 21 top at $188.89.
The Moving Average Convergence Divergence (MACD) momentum indicator supports the recent gains in SOL and shows underlying positive momentum in Solana’s uptrend.
SOL/USDT daily chart
On the other hand, a daily candlestick close under $166 could invalidate the bullish thesis. SOL could then dip to key support at the July 2 top of $155.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks

How will BNB price react as Binance and Kraken delist USDT for EU countries?
On Monday, Binance officially discontinued spot trading pairs involving Tether’s USDT in the European Economic Area to align with the European Union’s Markets in Crypto-Assets Regulation.

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bears target sub-$80,000 BTC, ETH 2-year lows, XRP yearly bottom
Bitcoin price is hovering around $83,000 on Friday after it failed to close above the $85,000 resistance level earlier this week.

Crypto stablecoin legislation advances, but Democrats say Trump’s USD1 raises red flags
The US Congress began reviewing a Crypto Stablecoin bill on Wednesday. This comes a week after Trump-backed WLFI announced the launch of its USD1 Stablecoin pegged 1:1 to the US dollar.

Solana extends decline amid upcoming $200 million unlocks
Solana declined 3% in Friday's early Asian session, impacted by an upcoming $200 million staked SOL unlock from four whale wallets, according to Arkham Intelligence.

Bitcoin: BTC remains calm before a storm
Bitcoin's price has been consolidating between $85,000 and $88,000 this week. A K33 report explains how the markets are relatively calm and shaping up for volatility as traders absorb the tariff announcements. PlanB’s S2F model shows that Bitcoin looks extremely undervalued compared to Gold and the housing market.

The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.