Solana Faces 20% Downside Risk as 2M SOL Floods Exchanges
Solana (SOL) traded around $79.90 on April 7 as an estimated 2 million SOL flowed onto exchanges, elevating near-term selling pressure. The token is sitting just above a critical support zone; a confirmed breakdown from current levels could see a decline of roughly 20%, taking prices into the low $60s (around $64).
The move matters because large exchange inflows typically precede heightened volatility and faster price moves, especially for liquid, widely held coins like SOL. Traders should watch exchange balances, on-chain transfer metrics and order-book depth for signs of accelerating exits. Short-term holders may consider hedging or reducing exposure, while longer-term investors should be prepared for increased price swings if selling pressure persists.