On-Chain Data Reveals Binance’s Strategy Behind Massive Ethereum And Solana Sell-Off
Ethereum (ETH) and Solana (SOL) have experienced significant declines, with Ethereum dropping below $2,600 and Solana falling to around $140, a 51% decrease from its all-time high of $293. Large-scale selling by Binance has contributed to a 7% drop in Ethereum and a 12% decline in Solana over 48 hours. Analysts warn that Ethereum's breach of the $2,600 support level could signal the end of altcoin season, with a critical threshold at $2,300. Solana's active addresses have decreased by 60%, indicating reduced network activity. Allegations of market manipulation have emerged, suggesting Binance may have sold assets to cover fines and profit from liquidations. Critics argue these actions reflect broader manipulation patterns, prompting calls for a shift towards decentralized finance (DeFi) and self-custody among investors. Ethereum is currently stabilizing at $2,390, nearly 50% below its 2021 peak.
