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Sol is deliberately dumped in a busy long market to activate liquidations. Is this a calculated reset, or just the start of deeper pain?
The market closes the week with a striking red candle and makes stable wins for almost a month. The move clearly indicates aggressive delevering across the board.
Solana [SOL] has not been spared. It is on the way to end the week with 15% compared to its $ 188 open, with a price promotion now attracted to the most important level of $ 160. For now, $ 160 is the name of the game.
And the bet could not be higher. Sol has fallen under a key realized price cluster, so that the average holder is placed in red. Could Binance’s sale Are the last trigger to deepen the bleeding?
Leverage swept as Binance Funnels Sol to Wintermute
Binance is in a tear. It has loaded nearly 110,000 sol to winter mute and does not look like a routine shuffle.
As marked by Ambcrypto, when Sol traded around $ 180, the open interest of the retail was 91% net long, which was a reflection of extreme stores that are haunting an outbreak of $ 200.
But the market reversed risks, which activated a cascade of long liquidations. In fact, Solana registered $ 46 million in long liquidations on 1 August, which marked the largest single-day wipeout since Q1.
Source: Glassnode
Nevertheless, the Perp financing remains skewed. Binance’s 5 minutes Sol Perpetual data Still shows 78% long dominance, pointing to continuous directional crowds.
In this context, Binance’s 110K Sol seems very tactical offload.
With Solana already dropped by 15% during the week, the sales pressure probably drove the price in thin liquidity, rinsed surplus leverage and brought the market for a cleaner reset prior to potential travel.
Sol Dump press Solana’s key on the chain levels
The sale has dragged Solana into a critical support zone. With PERP positioning still heavy for a long time and macrostrooms risk-off, the $ 160 level remains technically exposed.
Plus, with $ 17.9 million in long liquidations that have already been erased, this could be used to Phase one From a wider rinse. Unless open interest is reset or strong place offers that income, Binance can continue to lean in the sales side.
The URPD graph of Solana emphasizes a remarkable cluster of realized price density between $ 140 and $ 150, which means that a large amount of SOL was last moved (and therefore probably built up) in this reach.
Source: Glassnode
A repeat of the realized price cluster of $ 140- $ 150 could therefore act as a traveling zone with a high probability, especially for entities such as Binance.
Add to that: the open interest of Solana remains compressed, the financing is still skewed for a long time, Realized losses climbAnd wider positioning remains incorrectly aligned.
All this suggests that a retest of this zone seems increasingly likely, unless the risk -sentiment turns bullish in a decisive way.