Key Insights :
- Solana price was correcting against the April low, with price aiming to reach the $133 – $126 area before setting up for another bounce higher.
- Binance has started selling SOL massively, once again. What does this mean?
- Crowd sentiment was at 1.00, weakly bullish, while smart money sentiment was at -0.45, weakly bearish.
Analysis of Solana (SOL) price prediction charts suggested a potential correction as exchanges start to sell their SOL tokens.
Solana Price Prediction
Solana gave a brief short-term correction when the price dropped from $147.75 to approximately $145.58.
Price action dipped below a rising trendline and was trading close to a very important horizontal support region.
The correction was targeting the range of $133.51–$126.19, which is also the 38.2% and 50% Fibonacci retracement levels, respectively.
If the correction extended further, the 61.8% retracement level at $118.87 would serve as an extended support base.
A rebound from the $126.19–$133.51 area could drive a bullish continuation, possibly retesting the earlier high around $148. A break above the zone could mean the end of the correction period anticipated.
However, if selling pressure mounted and SOL could not sustain the $118.87 support, the price could return to lower levels around $95.16. This price level was a significant demand zone in early April.
Volume erosion on the pullback may back up the bullish retracement argument, but ongoing weakness could expose risks of continuing declines.
The setup at the time was tilted corrective in the larger uptrend, but verification from the $126–$133 range would have been needed.
Traders might have been looking for volatility as SOL attempted to find a foothold in this Fibonacci group and verify it as a launching pad for the next leg up.
Binance Sells SOL — What Does it Mean?
More analysis, that is, on-chain data, showed huge SOL outflows from Binance hot wallets to accounts other than the exchange, i.e., Wintermute and CEX deposits.
The largest of the withdrawals were 23.921K SOL worth $3.83 Million, 13.651K SOL worth $2.17 Million, and 12.551K SOL worth $1.99 Million.
These big transfers also consisted of 10.076K SOL valued at $1.60 Million and 10.196K SOL amounting to $1.63 Million to Coinbase.
These flows suggest that Binance was selling or distributing SOL, possibly through institutional desks like Wintermute or liquidity to other exchanges.
If these flows represent selling pressure, it might lead to short-term bearish price action on SOL.
However, if tokens are being moved for liquidity deployment or OTC settlements, the market impact might be imperceptible.
Price action will likely be predicated on whether these tokens reappear in exchange order books or remain off-market.
Traders will have to watch for volume spikes or follow-up inflows that could represent intent.
SOL Market Sentiment
Analyzing Solana’s sentiment meter showed the differences between institutional and retail sentiment.
Crowd sentiment was at 1.00, weakly bullish from the perspective of retail traders. This showed retail traders to be weakly bullish but not committed.
The smart money sentiment, however, was -0.45, weakly bearish and showing that institutional or more skilled traders were risk-averse or de-risking positions.
This divergence could create short-term volatility. If retail optimism were left without institutional support, a correction could ensue.
But if the Smart Money shifted to positive grounds, SOL could see a more sustained rally. Traders should look for convergence in sentiment gauges.
A smart money sentiment move greater than 0 would verify continuation bullishness, and a dip in crowd opinion to zero or negative figures could verify profit-taking or market indecision.