Data reveals that a significant amount of Solana (SOL) has been transferred to the Coinbase exchange as the asset dips below $200. According to Whale Alert, four whale addresses moved a total of 806,711 SOL tokens, valued at $158.86 million, to Coinbase around 09:00 UTC on April 1.

These large transactions coincide with Solana’s price drop below the $200 mark amidst a bearish market sentiment. Currently, SOL is up by 0.14% in the last 24 hours, trading at $197 with a market cap of $87.6 billion, slightly higher than BNB’s market value of $87.4 billion. The daily trading volume for Solana has surged by 45%, reaching $3.1 billion.

On April 1, SOL briefly reached a local high of $204 for the first time in two weeks. Santiment data indicates that Solana’s total open interest has increased by $120 million in the past day, rising from $2.36 billion to $2.48 billion. Higher open interest typically leads to increased price volatility due to potential liquidations.

Traders betting on a further price increase for SOL have decreased, as indicated by the decline in the total funding rate from 0.06% to 0.05% in the last 24 hours. This suggests a slight increase in short trading contracts. Additionally, Solana’s Relative Strength Index (RSI) has dropped to 53 for the first time since February 28, signaling a cooling down of the hype around Solana and a possible entry into another accumulation phase.

To sustain its bullish momentum, Solana’s RSI would need to remain below the 60 mark. Stay updated on the latest developments in the cryptocurrency market by visiting Global Crypto News.

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