Binance Traders Bet Big on Solana (SOL) Despite Bearish Signals

Solana (SOL), the sixth-largest cryptocurrency by market cap, is drawing significant attention from Binance traders, with 79% of top traders on the platform taking long positions despite broader bearish sentiment. On-chain data from Coinglass highlights this bullish stance, even as technical analysis suggests SOL remains in a bearish trend following a breakdown from a key support level on April 6, 2025. The clash between trader Optimism and technical indicators sets the stage for a potential price battle, with SOL currently trading in a recovery phase. This report delves into the conflicting signals and what they could mean for SOL’s near-term trajectory.

Solana (SOL) to $77 or What? Bulls and Bears Face Off

Solana (SOL), the world’s sixth-largest cryptocurrency by market cap, is gaining massive attention from Binance traders. Recently, data from the on-chain analytics firm Coinglass revealed that 79% of top traders on Binance are going long on SOL, despite the bearish market sentiment. According to expert technical analysis, SOL appears bearish despite the ongoing price recovery. On April 6, 2025, SOL broke down from its prolonged key support level of $115 and also closed a daily candle below that level, pushing SOL into an extremely bearish phase.

SEC Approves Galaxy Digital Reorg, Nasdaq Listing Imminent

After more than three years, Galaxy Digital Holdings Ltd. is moving closer to a listing on the Nasdaq exchange. The U.S. Securities and Exchange Commission (SEC) has approved a change in Galaxy’s registration from the Cayman Islands to Delaware. Galaxy first signaled its intent to list on Nasdaq in January 2022, and the SEC’s approval marks one of the last hurdles before the company gets approved for a listing under the ticker ’GLXY.’ The shareholder vote is scheduled for May 9, and CEO Mike Novogratz expressed optimism about the listing shortly after the vote, contingent on completing the reorganization.