Solana Price Faces Turmoil as 2.8M SOL Moved to Binance Wallet

TLDR

Solana’s price has declined by 18 percent over the past ten days, raising concerns about further downsides. A whale transferred 2.8 million SOL worth approximately 441 million dollars, to Binance, sparking fears of a potential sell-off. The tokens were moved to a Binance cold wallet, which suggests that an immediate sale may not be planned. On-chain data from Coinglass shows strong demand for Solana with consistent exchange outflows over the last three weeks. Technical analysis shows a rounding top pattern and a double-top formation, which point to a bearish trend in the Solana price.

Solana (SOL) price has dropped 18% in the past ten days, sparking fears of further downside. A whale transferred 2.8 million SOL, worth $441 million, to Binance. This transfer has raised concerns about possible sell pressure despite strong demand data.

Solana Whale Transfer Sparks Market Jitters

A single whale moved 2.8 million Solana tokens to Binance, causing speculation about a possible large-scale sell-off. Based on current Solana price levels, the total value of the transfer reached $441 million. This move occurred while the broader market sentiment around the Solana price remained mixed.

🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 2,866,265 #SOL (441,418,901 USD) transferred from unknown wallet to #Binancehttps://t.co/myjnCPaBbZ

— Whale Alert (@whale_alert) June 2, 2025

The tokens originated from a wallet funded by Binance nearly three years ago, indicating long-term holding behavior. However, recent activity shifted these tokens to a Binance cold wallet, not directly to the trading platform. This suggests the whale may not intend to sell immediately, easing panic across the market.

Despite the cold wallet move, the sheer volume involved has impacted market sentiment around the Solana price and upcoming price direction. Large transactions often trigger fear among traders and lead to short-term volatility. However, other supporting data contradicts immediate bearish expectations.

High Outflows Signal Confidence in Solana

Data from Coinglass highlights strong demand for Solana as exchange outflows have remained high over the last three weeks. More users are moving tokens to personal wallets rather than keeping them on exchanges, which points to confidence in long-term price recovery despite the whale move.

High outflows often align with holding behavior, which supports price levels during temporary sell-offs. In this context, the $441 million token shift may not significantly impact the Solana price. Demand trends indicate strength that could absorb supply from potential whale sales.

Moreover, sustained outflows suggest that participants are not preparing for mass liquidation. The high demand observed could continue to stabilize the Solana price against broader selling pressure. These indicators show that fundamentals may resist panic-selling effects.

Solana Price Struggles Near Key Support

Technical charts show a rounding top pattern forming on the Solana daily chart, often signaling a potential trend reversal. Solana price is testing the neckline support at $156 and struggling to hold this critical level. A breakdown here could accelerate losses toward $130.

Further downside is possible if the price breaches the next key support zone at $115, opening the way to a sub-$100 move. Momentum indicators like RSI and AO show declining strength and increasing bearish control. RSI sits near 40 while forming lower lows, confirming negative sentiment.

Also, a double-top pattern has developed on the lower timeframe, supporting the bearish case for a deeper correction. Solana price remains at risk if momentum does not improve or strong buying fails to return.

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