No sooner had the Solana crypto project recovered from the collapse of the FTX exchange, which was one of its main investors, than it came under the sights of the most powerful trading platform, Binance.
We explain how Solana crossed Binance’s path, what is happening with the cryptocurrency’s price, and what SOL forecast to expect in September.
Track the Solana price on Quickex.
Solana versus Binance
Binance is the largest exchange on the digital asset market, whose founder, Changpeng Zhao, ranks among the top-25 richest people in the world according to Forbes. Now imagine that the businessman who controls the most powerful trading platform sees an enemy in your project. Such a situation would frighten even seasoned members of the crypto community.
The question hung in the air — what wrong did Solana do to Binance? The answer is simple: it became too successful and turned into a competitor. The fact is that SOL has come dangerously close to BNB — the exchange’s native token. Only $6 million in capitalization separates Solana from Binance’s cryptocurrency, which is not much by crypto-industry standards.
Top-7 most capitalized cryptocurrencies. Source: CoinMarketCap
Binance has plenty of resources to hold back competitors. The exchange team used one of them to weaken SOL.
How exactly they are “sinking” SOL
Binance acts through sell-offs that trigger panic and, in turn, put even more pressure on the cryptocurrency’s price. Popular crypto blogger and analyst MartyParty shared details of the exchange’s attack. According to his observations, here is how Binance is pressuring Solana:
- The exchange uses SOL reserves to launch a sell-off and thus instill fear in investors.
- Against the backdrop of panic, investors begin dumping Solana, which accelerates the price collapse.
- Binance does not sell the cryptocurrency directly but through the market maker Wintermute. This is confirmed by transfer statistics recorded by MartyParty.
Solana transfers that Binance sent to Wintermute.
The analyst emphasizes that Binance’s reserve reports do not show such a large amount of SOL as the exchange is operating with to put pressure on the project. In his opinion, Binance may be secretly using its users’ cryptocurrency.
The outcome — SOL sell-offs that push the coin away from BNB, thereby reducing the risk of the exchange’s token losing its honorable fifth spot in the ranking of the most capitalized cryptocurrencies.
What links Binance and Solana
Binance and Solana are linked through the collapsed crypto exchange FTX. The largest trading platform was one of the first investors in the failed project. Over time, Binance distanced itself from FTX. This chain of actions eventually led to the exchange of Changpeng Zhao playing a key role in the destruction of the trading platform.
Solana, meanwhile, received major investments from FTX. As a result, the collapse of its largest investor, who spent client funds on SOL, struck a painful blow to the project’s reputation. Rumors of Solana’s possible death spread through the crypto community, but the project survived.
There is another unpleasant detail. Binance became the largest validator of Solana by the number of staked tokens. This increases its influence over the network’s security and decentralization: the larger a validator’s share, the greater its influence on the transaction confirmation process.
Solana forecast: what investors expect
Now let’s see how Binance’s attack affected Solana and what forecasts for SOL are being shared within the crypto community.
At the time of writing, the cryptocurrency is trading at $213. The sell-off pressure from Binance has not collapsed the coin’s price, but without it SOL might have been trading higher. For reference, Solana’s all-time high was recorded on January 19, 2025, at $294. Since then, Bitcoin has repeatedly updated its peak, but SOL has failed to replicate the dynamics of the most capitalized cryptocurrency.
Solana chart. Source: TradingView
Many in the crypto community are confident that Solana has new highs ahead. For example, trader @HerroCrypto expects Solana to reach $260 as early as September. A similar view is shared by trader @jussy_world. He believes SOL is on the verge of breaking out of a narrowing triangle. From a technical-analysis perspective, this setup could give the cryptocurrency the impulse it needs to grow.
Solana forecast for September from @jussy_world.
This SOL price forecast was supported by analyst Lark Davis. He sees prerequisites for Solana’s growth to $255 amid a breakout above the upper boundary of the triangle.
Their colleague, @CryptoCurb, gave an even more optimistic forecast. In his view, by November SOL will be trading at $1000.
You can exchange Solana for Monero or another cryptocurrency quickly and at the best rate on Quickex.