Solana Tries to Rebound but a DeFi Contagion Sends 1.32 Million SOL to Exchanges
BeInCrypto
Solana shows signs of a technical rebound, yet selling pressure from a DeFi crisis has triggered massive exchange inflows of SOL.Summary
Solana is attempting a price recovery following a hidden bullish divergence on technical charts, which typically signals weakening selling momentum. However, this rebound is being capped by significant sell-side volume and a 1,102% surge in exchange inflows, totaling 1.32 million SOL over four days. This instability is largely attributed to a DeFi contagion spreading from Ethereum, specifically following the KelpDAO rsETH exploit, which has caused liquidity issues on the Kamino lending protocol. While forced sellers appear to be moving assets to exchanges to raise cash, long-term holders are actively absorbing the supply, creating a tug-of-war that dictates Solana's short-term price direction.
(Source：BeInCrypto)