With this strong development and record adoption, long-term holders have been accumulating the token, as reported by the on-chain analytics firm Coinglass. Data from spot inflow/outflow revealed that exchanges have witnessed a significant outflow of SOL worth $40.60 million in the past 24 hours.
This substantial outflow from the exchanges indicates the potential accumulation by long-term holders and could create buying pressure, leading to further upside momentum.
SOL is currently trading near $258 and has experienced a modest price decline of 0.50% in the past 24 hours. During the same period, its trading volume dropped by 32%, indicating lower participation from traders compared to the previous day.
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