On-Chain Data Reveals Binance’s Strategy Behind Massive Ethereum And Solana Sell-Off
As the broader cryptocurrency market falls into a huge downturn, Ethereum (ETH) and Solana (SOL) has become the toughest asset among the top ten digital currencies.
Most importantly, the latest allegations from market experts on social media show potential Market manipulation Further attention to investors has been raised by major players in the field.
Ethereum below $2,600: Potential end of the playoffs
Over the past few days, data on the chain has surfaced, indicating the mass sales of Ethereum and Solana tokens primarily through Binance (BNB), the world’s largest cryptocurrency exchange.
Market Expert Cryptocurrency Highlight These sales took place in just 48 hours, causing an astonishing 7% Ethereum, while Solana’s value dropped by 12%.
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Ethereum has now violated its key support level of $2,600, and if confirmed over a higher time frame, the cautious view of analysts like Ali Martinez could mark the end of the alternative season.
Martinez notes The next important threshold for Ethereum holders is $2,300; below this level may harm the psychologically crucial $2,000.
For Solana, it’s similar. The asset has fallen below its main support level and is priced at $150 to reach around $140. This decline is a considerable 51% gap from the all-time high of $293 in January.
The bearish feelings around Solana further emphasize Stark descends In online activities. Martinez noted that Solana’s active address dropped 60%, reaching 7.3 million from the most impressive height in October’s history.
Market manipulation accusations
Amid these disturbing developments, voices within the cryptocurrency community suggest that market turmoil may not be accidental.
Experts like Marty’s party Express Concerns about the role of obligations, asserting that the exchange may have paid its holdings in Solana and Ethereum to pay the fines imposed by the Department of Justice (DOJ) while also profiting from liquidating leveraged futures positions.
Such actions are considered “manipulative”, and Marty points out the timing of these sales. Another marketing expert’s doctor profit doctor also shows that platforms such as Bybit Maybe already engaged In a similar practice, the “lost Ethereum” was restored after its recent hack, which further speculated the integrity of these communications.
Critics argue that these “market drills” indicate a broader mode of manipulation, especially designed to trigger quality Clearing In long position.
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Profit Doctor talks about the obvious transparency of these manipulations, suggestion That market participant is taking advantage of the naivety of the average crypto investor.
Given the current climate, there are increasing calls in the cryptocurrency community to stay away from centralized exchanges and traditional financial structures.
Advocates such as physician profits urge investors to embrace decentralized finance (DEFI) and overall networks, stressing the importance of self-observation and minimizing reliance on institutions that may be affected by manipulation.
Currently, Ethereum manages to stabilize at $2,390, nearly 50% of the record high of $4,878 reached during the 2021 bull market.
Featured images from dall-e, charts from tradingview.com
