A large transfer of SOL to Coinbase Institutional has once again drawn market attention to short-term selling pressure on Solana. On-chain data shows that an unknown wallet transferred 1.35 million SOL, equivalent to approximately $84.06 million at the time. A single transfer itself does not equate to an immediate sale, but in a context where prices are already under pressure, such actions are often seen as a signal of increased circulating supply on exchanges.

Net inflows into exchanges turned positive

More notably, this transfer was not an isolated incident. CoinGlass data shows that SOL spot inflows totaled approximately $48.32 million, while outflows totaled approximately $38.76 million, resulting in a net inflow of approximately $9.56 million. This means that more SOL entered trading platforms than flowed out, increasing the market's tradable supply.

During periods dominated by withdrawals, funds typically tend to be held or transferred to cold wallets; a positive net inflow often indicates that some funds are preparing to enter the trading process. Current data does not yet show signs of panic selling in the market, but the strength of buying to absorb new supply has become an important indicator for short-term trends.

Open interest rises to $4.5 billion

While the spot market was under pressure, the derivatives market did not cool down significantly. Data shows that open interest in SOL futures contracts increased by 7.87% to $4.5 billion, indicating that new funds are still entering the futures market.

Such changes typically indicate that traders are preparing for greater price volatility. Some funds may be betting on a technical rebound, while others are positioning for further declines. A rise in open interest during a downtrend also suggests that if volatility continues to amplify, the risk of market liquidation may increase accordingly.

$62.32 becomes short-term support

In terms of price, SOL has broken below the lower edge of the $78.5 range that had held for several months, subsequently falling back to near the $62.32 support level, and briefly trading around $64.42 during the session. Alongside the weakening technical picture, the Relative Strength Index (RSI) has fallen to 22.41, entering a clearly oversold zone.

Oversold conditions don't necessarily mean an immediate price rebound, but they usually indicate that short-term selling pressure is concentrated. If buying can hold the $62.32 level, SOL may experience a mild rebound and attempt to return to the vicinity of the previously breached range. If this support level is breached, the pullback may continue.