Solana buyers pull 543,961 SOL off exchanges, eye $111 breakout
Buyers withdrew 543,961 SOL in the latest session, the fifth straight net outflow, as SOL trades near $90. A close above $96.95 would imply a measured move of about 14.45% to $111.
Solana recorded a net withdrawal of 543,961 SOL from exchanges in the latest session, marking five consecutive sessions of net outflows as the token trades near $90. On the daily chart, SOL has formed an inverse head-and-shoulders pattern that began in late March, with the right shoulder appearing in late April.
On-chain flow data show a shift from heavy inflows between April 22 and May 1 — when single-day exchange deposits approached 1.4 million SOL — to sustained withdrawals through May 6. The most recent session printed 543,961 SOL leaving exchanges. Withdrawals reduce the amount of SOL held on trading venues.
Price has climbed roughly 11% from the pattern low and is testing the 0.618 Fibonacci retracement at $90.03. A reclaim of $90.03 would open $92.41, which overlaps a concentrated holder cost-basis band between about $91.70 and $92.43. The 20-day exponential moving average is nearing the 50-day EMA, while both remain below the 100-day EMA, which sits near $93.91 and caps the current rally.
On-chain holder data map about 5.41 million SOL in a narrow band just above the current price. That concentrated cost-basis distribution sits near the 0.786 Fibonacci level and the $92 area identified above.
The inverse head-and-shoulders neckline is at $96.95. A decisive daily close above that level would activate the pattern and project approximately 14.45% upside to $111. On the downside, failure to hold $90.03 would expose $86.69 and then $84.63, and a drop below the right-shoulder low at $81.29 would invalidate the pattern.
At present, exchange outflows, the reversal pattern and the concentrated holder band are the observable on-chain and technical factors near the current price. The 5.41 million SOL cluster and the 100-day EMA lie above the market and represent near-term supply-side tests for any further upside.
