On-Chain Data Shows Binance’s Large Sell-Off of Ethereum and Solana
The cryptocurrency market is experiencing significant downturns, with Ethereum (ETH) and Solana (SOL) among the hardest hit assets. Allegations of market manipulation by major players are raising investor concerns.
Ethereum Falls Below $2,600
- On-chain data shows large-scale selling of ETH and SOL by Binance.
- ETH dropped 7% and SOL declined 12% within 48 hours due to these sales.
- ETH has breached the critical support level of $2,600, potentially signaling the end of altcoin season.
- If ETH falls below $2,300, it may threaten the psychologically important $2,000 mark.
- SOL's value has retraced below its support level at $150, settling around $140, a 51% drop from its all-time high of $293.
- Solana's active addresses decreased by 60%, from 18.5 million in October to 7.3 million.
Market Manipulation Allegations
- Concerns have been raised about Binance's role in offloading holdings to cover DOJ fines while profiting from futures positions.
- Critics label these actions as manipulative, possibly aimed at triggering mass liquidations among long positions.
- Calls are increasing for a shift towards decentralized finance (DeFi) and self-custody to reduce reliance on centralized exchanges.
- ETH currently stabilizes at $2,390, nearly 50% below its peak of $4,878 in the 2021 bull market.
