Centralized exchanges have experienced the largest net inflow of SOL tokens since March, casting doubt on the token’s bullish technical outlook, according to data from Coinglass.

Last week, centralized exchanges recorded a significant net inflow of $227.21 million in SOL, the token behind Solana’s blockchain. This marks the largest influx since March’s third week, when exchanges saw a net inflow exceeding $300 million in SOL. During that period, SOL’s price rally reached a peak near $200, leading to a seven-month range-bound phase between $120 and $200.

The large movement of SOL tokens to exchanges often signals that holders may be preparing to sell or use their coins for derivatives trading or DeFi strategies.

This recent influx casts a shadow over the otherwise positive technical outlook, which had suggested a potential return to the November high of over $260, especially after recent bullish “throwback” patterns helped to defend key support levels.

Additionally, data from Amberdata highlights a lack of bullish sentiment in the SOL options market on Deribit. Traders have primarily been net sellers of call options, indicating reduced enthusiasm for bets on higher SOL prices.