The recent inflow of the SOL token into centralized exchanges has raised concerns about its bullish technical outlook. This is similar to a market dynamic observed during the March 2024 price top, which led to a seven-month range play for SOL between $120 and $200. The significant movement of coins to exchanges suggests that holders may be preparing to sell their coins or engage in derivatives trading or DeFi strategies. This influx of SOL tokens clouds the positive technical outlook that suggested prices could reach the November high of over $260. Additionally, activity in the SOL options market shows a lack of bullish excitement, with traders being net sellers of upside (call options) in SOL.



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