In the first week of January 2025, Solana (SOL) experienced notable net inflows to centralized exchanges, amounting to $227.21 million, the highest since March of the previous year. This influx suggests that investors may be preparing either to sell their holdings or engage in derivatives trading. The March spike in inflows led to SOL’s price rally peaking near $200 and transitioning into a seven-month price range between $120 and $200. Current market indicators show that similar dynamics may be affecting the bullish sentiment. Additionally, data from the Deribit options market reflects a lack of bullish enthusiasm, with traders primarily selling call options. These trends cloud the previously positive technical outlook for SOL, which had recently managed to defend key support and suggested a potential return to its November 2024 high of over $260.

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