The bull market is here, and prices of Bitcoin and altcoins are consistently updating their all time highs. Ethereum touched its all-time high of $4,940, Bitcoin repeatedly updated its peak levels, and Binance Coin BNB surged above $900. However, one coin seems left behind in this rally, Solana. Despite strong technology and wide adoption, its price has failed to keep pace, and allegedly, Binance is dumping it, at least this is what is being claimed online.
Once the price of Bitcoin and major altcoins start to rise, almost all coins normally follow the same trend. There is no clear reason why Solana would not move upward, especially when the network continues to show strong activity and trading volume, thanks to meme coins. The demand is there, but the price stands still. This contradiction between market expectations and Solana’s price performance is the main reason for the ongoing speculation.
Is Binance Really Dumping Solana and Why?
The recent flow of Solana (SOL) transactions from Binance wallets to market makers such as Wintermute has fueled suspicions of deliberate price suppression. On-chain trackers revealed that more than 2.5 million SOL, worth over $300 million, were shifted within 24 hours, with much of it routed toward sell-side exchanges.
Many sources claim these movements mirror earlier patterns that preceded heavy sell-offs, leading many traders to argue that Binance is intentionally dumping Solana to create downward pressure and liquidate long positions.
The alleged motive, according to some, is to prevent Solana from challenging Binance Coin BNB, which recently climbed to a record-breaking $900. Since Solana carries both high trading volume and strong network activity, its lagging price performance compared to Ethereum, Bitcoin, and BNB has raised questions about whether artificial intervention is holding it back.
This suspicion has spread across various news threads and social media communities with proofs from Binance’s proof-of-reserve reports that show no significant SOL holdings beyond customer deposits.
Is Binance really dumping Solana?
While the claims appear convincing at first, deeper analysis provides a more balanced picture. Binance’s liquidation data shows that Solana’s liquidations, at roughly $13 million in the past 24 hours, remain relatively small compared to Bitcoin $134 million and Ethereum $111 million.
If Binance were aggressively liquidating SOL traders, one would expect much higher liquidation figures. Moreover, Binance’s proof-of-reserve reports confirm that the exchange still holds around $7 billion in Solana, making it unlikely that the asset is being offloaded at a huge scale.
The exchange has also publicly denied any involvement in price manipulation. The evidence suggests that while large transfers create suspicion, the narrative of Binance crashing Solana to defend BNB does not hold firmly against available data.
Why Solana is going down?
Since January 2025, Solana’s USD value has increased by approximately 160%, while Binance Coin (BNB) has gained about 240%. Despite Solana’s robust network activity and elevated decentralized exchange volume, the momentum behind BNB has outpaced it.
Solana price is going down because of the overall market trend. Looking at the chart, Solana traded at $295 in January and has been in a correction phase since then. The price action now shows signs of recovery, moving steadily along a bullish trend line and holding above the EMA 200 on the daily chart. In technical terms, this alignment suggests that market confidence is gradually returning as the price becomes bullish again.
The structure of higher highs and higher lows within smaller demand and supply cycles reinforces the idea of accumulation. Each cycle has delivered gains of 40% to 60%, and if the current trend continues, Solana could rise another 40% from its present levels. That projection would place the price near $260, provided momentum sustains.
Yet, the psychological barrier of $200 is the immediate resistance. Breaking it convincingly with big volume candles would help restore investor trust and attract retail participation. Since the overall crypto market has been in a red phase since this weekend, Solana has an opportunity to absorb liquidity and position itself for a stronger bullish recovery.