Over the past ten days a large, unidentified holder transferred approximately 1.49 million SOL, worth $148.77 million, to several major exchanges. The activity was reported by Lookonchain on X and raised concerns about potential liquidations, although the transfers alone do not confirm that the tokens have been sold.
Exchange flow dynamics
CoinGlass data showed that SOL spot netflows turned positive, reaching $6.29 million at the time of reporting on November 2. Historically, SOL exchange flows have fluctuated between inflows and outflows, reflecting variable demand. The recent positive netflow occurred alongside the whale’s deposits, suggesting that additional supply could become available if the holders decide to sell.
Market sentiment on spot and futures
CryptoQuant’s Spot Taker Cumulative Volume Delta indicated that takers were predominantly sellers, pointing to aggressive selling pressure in the spot market. A similar taker‑sell dominance was observed in the futures market, where traders continued to favor bearish positions during SOL’s recent decline.
Technical outlook
Solana’s price broke below the $95.50 support level, leaving $84.14 as the next major support within a descending channel. The Relative Strength Index fell to 28.56, entering oversold territory, while the Chaikin Money Flow registered –0.05, indicating modest capital outflows.
While oversold conditions can sometimes trigger short‑term rebounds, the current technical indicators do not confirm a sustained recovery. A move back above $95.50 would be needed to challenge the prevailing bearish structure; otherwise, further declines toward $84.14 remain possible.
