FalconX Doubles Down on Solana: Scoops Up $28.39M in SOL From Binance in Major Accumulation Move

Institutional crypto giant FalconX just made a power play—snagging a whopping $28.39 million worth of SOL from Binance. This isn't just a casual buy; it's a statement.

Big Money Bets Big

FalconX isn't dipping toes—it's diving headfirst into Solana. Pulling millions off a major exchange signals strong conviction, not just speculative hype. They're building a position, not chasing pumps.

Timing the Market—Or Making It?

This kind of move doesn't happen in a vacuum. While retail traders sweat over daily charts, institutions like FalconX are playing chess. Accumulating SOL at this scale suggests they see value others might be missing—or maybe they know something we don’t.

Solana’s Resilience Shines

Despite the noise and occasional network drama, SOL continues attracting serious capital. It’s not just memecoins and degens—real money is flowing in, betting on the chain’s long-term tech and scalability thesis.

Finance’s Old Guard Shakes Head

Meanwhile, traditional finance guys are still trying to figure out why anyone would buy “internet money” without a prospectus. Their loss—digital assets aren’t waiting for permission to eat the world.

One thing’s clear: When players like FalconX move this hard, it pays to watch where they’re stepping next.

Institutions Double Down on Solana Accumulation

Solana continues to attract institutional attention, reinforcing its position as one of the leading assets in the crypto market. According to Lookonchain, FalconX executed another massive withdrawal just four hours ago, moving 118,190 SOL (worth $28.39 million) from Binance. This follows an even larger transfer reported yesterday, when the same institution withdrew $98 million worth of SOL from multiple exchanges, including Binance, OKX, Coinbase, and Bybit. The back-to-back moves underscore the rising confidence of institutional players who appear to be positioning themselves ahead of what many expect could be a new expansion phase for the market.

Such consistent accumulation adds strong support to Solana’s price outlook. Investors often interpret large institutional withdrawals from exchanges as a signal of long-term conviction, since assets moved off centralized platforms are typically intended for custody or staking rather than immediate resale. With Solana already trading above $240 and bulls eyeing the critical $270 resistance level, these developments strengthen the case for further upside momentum.

The timing is also crucial. The Federal Reserve’s recent 25bps rate cut has shifted market sentiment, propelling risk assets into a new phase of optimism. With liquidity flowing back into the system and institutional players aggressively accumulating, Solana could emerge as one of the top beneficiaries of this renewed bullish environment.

Technical Details: Testing Key Level

The weekly chart of Solana (SOL) shows strong bullish momentum, with the price now trading at $246.69, up nearly 3% in the last session. This MOVE extends a rally that began in early August, pushing SOL above its key moving averages. The 50-week SMA ($180.40) and the 100-week SMA ($154.05) are both trending upward, providing a solid base of support. The long-term 200-week SMA ($101.71) remains well below current levels, highlighting the strength of Solana’s multi-month uptrend.

What stands out is Solana’s attempt to reclaim levels last seen in late 2021, when it reached its all-time high above $260–$270. Currently, SOL is testing resistance in this critical zone. A successful breakout above $270 could pave the way for another retest of all-time highs NEAR $300–$320, while failure to hold momentum here may result in a pullback toward the $200–$210 support region.

Institutional accumulation, as reported recently, continues to provide bullish tailwinds. Combined with improving macro sentiment after the Fed’s rate cut, Solana’s technicals suggest that bulls remain firmly in control. However, traders should remain cautious of potential profit-taking at these elevated levels, given the significance of historical resistance in this area.

Featured image from Dall-E, chart from TradingView