Solana exchange balances dipped 27.4% to 27.01 million SOL, coming close to 2022 lows as institutional and retail users move tokens into self-custody. The notable reduction reflects a broader trend of institutional preference for secure storage.
With approximately 64% of circulating SOL now staked, and decentralized finance activities growing rapidly, the demand for SOL off exchanges has intensified. The overall value locked in decentralized protocols has surged, driving more tokens onto the blockchain.
SOL currently faces resistance at 176 USD, a crucial price point for future movements. Trading volumes are fluctuating, with market sentiment indicating the importance of crossing this resistance for potential long-term support.
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