A large holder moved 300,439 Solana worth $26.1 million to Binance after 10 months of inactivity, raising concerns about a potential sell-off.
The transfer has reinforced bearish sentiment, with prediction markets assigning a 0% probability that Solana will reach $150 by April 30 amid weakening price expectations.
Traders view the move as a signal of possible downside pressure, particularly as broader market conditions remain fragile and confidence in a near-term rally fades.
Large deposits of tokens to exchanges are often interpreted as precursors to selling activity, especially during risk-off periods when liquidity is thinner and volatility can accelerate.
Market sentiment indicators reflect caution, with the Fear and Greed Index at 33, while limited liquidity in Solana-related markets suggests even moderate trades could trigger outsized price swings.
Despite the bearish setup, some speculative positioning remains, as a YES contract at 0% would theoretically return $1 if Solana reaches $150, implying extreme upside if a sudden reversal occurs.
Investors are now watching Binance order books and on-chain flows closely for confirmation of selling pressure, alongside any network or ecosystem developments that could shift sentiment.
At the time of reporting, Solana price was $87.21.