Key Insights:
- FalconX moved 413,075 SOL worth $98.4M from major exchanges, signaling large-scale institutional activity.
- Glassnode data shows $239 as the strongest resistance level, where many holders last transacted Solana.
- SOL trades at $237.09 with $7.63B daily volume, gaining 9.72% in the past week.
On-chain records show that FalconX has withdrawn 413,075 Solana (SOL) tokens in the past eight hours. The transfers, worth approximately $98.4 million, came from major exchanges including Binance, OKX, Coinbase, and Bybit. Individual transactions ranged from just over 5,000 SOL to more than 40,000 SOL, suggesting a coordinated accumulation effort.
Such activity is often seen when institutions move assets from exchanges into custody wallets. By reducing exchange balances, these movements can lower immediate sell pressure in the market. Market participants are watching closely, as large-scale withdrawals have historically been linked with institutional demand.
Key Resistance Ahead for Solana
While accumulation is underway, Solana faces an important technical barrier. Data from Glassnode’s UTXO Realized Price Distribution (URPD) shows that the heaviest concentration of realized prices is around $239. This level represents the point where a large number of holders last transacted, creating potential selling pressure.
Analyst commentary noted, “$239 is now the most important resistance wall ahead of Solana.” If price reaches this zone, many holders may look to realize gains, making it a decisive test for the current rally. A clean move above could support a new phase of momentum, while rejection may trigger consolidation.
Current Market Performance
Solana was trading at $237.09, with a 24-hour volume of $7.63 billion. The token is up 1% on the day and has gained 10% over the past week. These figures reflect renewed interest in the asset, with strong liquidity and trading activity supporting price stability.
The combination of institutional-scale withdrawals and a rising market has drawn trader attention. The close proximity of the current price to the $239 resistance area makes the next moves critical for short-term direction.
Outlook for Traders and Institutions
FalconX’s activity adds to the growing narrative of institutional involvement in Solana. With nearly $100 million withdrawn from exchanges in a short timeframe, observers are debating whether this signals long-term accumulation. As one market participant put it, “The question is not whether institutions are buying, but whether they are preparing for a breakout.”
With Solana holding above $230 and approaching the $239 resistance wall, the market is now focused on whether buyers can overcome the sell-side pressure. If the wall breaks, attention could shift to higher price zones, while failure may bring the token back into recent support ranges.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Source: https://coincu.com/analysis/falconx-withdraws-98m-in-sol/