FalconX Withdraws $126M SOL Amid Institutional Accumulation
Fresh on-chain data shows FalconX has withdrawn a total of 531,265 SOL (roughly $126.8M) from major exchanges—Binance, OKX, Coinbase and Bybit. These SOL withdrawals reflect strong institutional accumulation, with 413,075 SOL (~$98.4M) moved off-exchange initially and a further 118,190 SOL (~$28.4M) in the latest shift. Institutional accumulation reduces sell pressure and tightens on-exchange supply. SOL price trades near $246.69, up 3% in the last session and above both the 50-day and 100-day SMAs. Bulls aim to clear the $270 resistance zone to retest all-time highs around $300–$320. The recent 25 bps Fed rate cut has improved risk appetite, while Solana’s on-chain activity in DeFi, NFTs and real-world use cases underpins its fundamentals. Traders should monitor a breakout above $270 for bullish momentum or a pullback to the $200–$210 range if momentum fades.
Bullish
FalconX’s large-scale SOL withdrawals signal robust institutional accumulation, which reduces on-exchange supply and likely exerts upward price pressure. In the short term, reduced sell pressure can fuel rallies, especially as SOL trades above key 50-day and 100-day SMAs. Momentum could accelerate if bulls clear the $270 resistance, paving the way toward all-time highs near $300–$320. However, failure to break $270 might trigger a pullback to support around $200–$210. The recent 25 bps Fed rate cut has enhanced risk sentiment, further reinforcing a bullish outlook. Long-term fundamentals are supported by strong on-chain activity in DeFi, NFTs and real-world use cases. Overall, these developments are bullish for Solana.