{"id":37194,"date":"2025-02-24T14:00:44","date_gmt":"2025-02-24T11:00:44","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=37194"},"modified":"2025-02-24T13:21:33","modified_gmt":"2025-02-24T10:21:33","slug":"binances-solana-sol-sell-off-shakes-the-market","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/binances-solana-sol-sell-off-shakes-the-market\/","title":{"rendered":"Binance’s Solana ($SOL) Sell-Off Shakes the Market"},"content":{"rendered":"

Binance<\/strong> <\/a>conducted a large-scale Solana ($SOL)<\/strong> sale through leading market maker Wintermute<\/strong>.<\/p>\n

According to Crypto Rover\u2019s post on the X platform, these sales began at 06:00 UTC and continued for the past four hours. Binance<\/strong> reportedly sold a total of 5,000,000 $SOL at an average price of $120. This development led to a significant drop in $SOL\u2019s price, causing it to decline from $125 to $118.<\/p>\n

During this period, $SOL trading volume on Binance surged by 150%, reaching 10,000,000 SOL. This unusual activity raised concerns among investors and triggered volatility in $SOL\u2019s trading pairs with Bitcoin and Ethereum. The $SOL\/BTC<\/strong> pair dropped by 2%, while $SOL\/ETH declined by 1.5%.<\/p>\n

\"sol\"<\/p>\n

Market Impact of Binance\u2019s Solana Sell-Off<\/h2>\n

Binance\u2019s high-volume $SOL sale<\/strong> created strong selling pressure in the market. This, in turn, prompted other investors to follow suit, further pushing the price downward. On-chain data indicates that the number of active addresses on the Solana network<\/strong> decreased by 10%, signaling a drop in network activity.<\/p>\n

This selling pressure on Binance<\/strong> also affected other major exchanges. Coinbase<\/strong> reported a 70% increase in $SOL trading volume, reaching 3,500,000 SOL, while Kraken<\/strong> saw a 50% rise, bringing its volume to 2,000,000 SOL. These figures suggest that Binance\u2019s sell-off had a broader market impact, negatively affecting liquidity and price stability.<\/p>\n

A downward trend was also observed in the futures market. According to Binance Futures<\/strong> data, the funding rate for $SOL turned negative, falling to -0.01%. This indicates that futures traders are leaning towards short positions, reflecting a generally bearish market sentiment.<\/p>\n

\n

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our Telegram,\u00a0<\/strong><\/a>YouTube<\/strong><\/a>,\u00a0and\u00a0Twitter<\/strong><\/a>\u00a0channels for\u00a0<\/em>the latest\u00a0news<\/a> and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Binance conducted a large-scale Solana ($SOL) sale through leading market maker Wintermute. According to Crypto Rover\u2019s post on the X platform, these sales began at 06:00 UTC and continued for the past four hours. Binance reportedly sold a total of 5,000,000 $SOL at an average price of $120. This development led to a significant drop<\/p>\n","protected":false},"author":29,"featured_media":37195,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[22,894,12081,151,12080,1767],"class_list":["post-37194","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","tag-binance","tag-binance-futures","tag-binances-high-volume-sol-sale","tag-coinbase","tag-market-maker-wintermute","tag-solana-sol"],"yoast_head":"\nBinance's Solana ($SOL) Sell-Off Shakes the Market - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/binances-solana-sol-sell-off-shakes-the-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Binance's Solana ($SOL) Sell-Off Shakes the Market - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"Binance conducted a large-scale Solana ($SOL) sale through leading market maker Wintermute. 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