@philipstrade
Why Solana’s (SOL) Rally Could Fade Fast If Bulls Fail to Defend $215
Coins sitting on exchanges often line up with sell pressure. On August 22, total SOL on exchanges was 29,939,206 SOL. By August 27, it climbed to 31,877,413 SOL; an increase of 1,938,207 SOL (+6.47%) in five days.
At $216 per SOL, that adds about $418.7 million worth of potential “sell” supply.
This is the second-highest exchange balance of the month, only 1.5% below August’s one-month peak of 32,357,608 SOL. We also saw a smaller rise from 29,939,206 to 30,584,558 SOL between August 22 and 24. Following this, the Solana price slipped from $205 to $187.
Today’s jump is bigger, so the risk of another “sell-into-strength” phase is real.
https://beincrypto.com/solana-price-profit-taking-rally-key-level/
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