Over 1 Million SOL Withdrawn from Exchanges While Standard Chartered Keeps $2,000 Solana Call for 2030
Solana (SOL) saw 1.077 million SOL withdrawn from exchanges within 72 hours, a move typically interpreted as investors shifting to long-term holding. The withdrawals coincided with a short-term price dip: SOL fell below $100 and was trading near $85 at the time of reporting. Despite the pullbacks, Standard Chartered maintains a bullish long-term forecast, projecting Solana could reach $2,000 by 2030, citing Solana’s scalability, low fees and growing developer ecosystem. Traders should note that large exchange outflows often signal confidence and can precede rebounds when market conditions improve, but the recent price decline highlights ongoing volatility in altcoins and broader crypto markets.
Neutral
The news mixes bullish and bearish signals. Large-scale withdrawals (1.077M SOL) from exchanges are typically bullish because they indicate holders are moving assets into private wallets for long-term storage, reducing sell pressure on exchanges. That behavior has historically preceded recoveries for altcoins when market sentiment improves. Conversely, SOL’s recent drop below $100 and trading near $85 is a clear short-term bearish indicator, reflecting immediate selling pressure and broader market volatility. Standard Chartered’s $2,000 by-2030 forecast is a long-horizon, fundamental bullish thesis but has limited near-term impact on price action. For traders: expect short-term continued volatility and potential downward pressure until macro sentiment stabilizes or on-chain metrics show sustained accumulation; medium-to-long-term outlook could remain constructive if network fundamentals and developer activity continue to improve. Similar past episodes (e.g., large BTC or ETH withdrawals preceding multi-month recoveries) support the neutral classification — bullish for long-term holders, uncertain for short-term traders.