Weekends in crypto are usually quiet – folks take time off to relax, and while they still trade, the intensity is dialed down a notch.

But not this weekend. 

The SOL price quickly collapsed by 10%, and many traders are wondering what triggered the bottom falling out of their favorite major token.

Allegations abound as market participants work to string together a narrative that retroactively explains why their bags are heading away from the moon, not toward it. 

The Spicy Details

The culprit seems to be Binance, which casually moved $32M in SOL to the Wintermute market maker.

Then, Coinbase followed suit and slid $30M in USDC to the same address.

Coincidence? 

Maybe, but with many traders feeling the burn, Binance and Coinbase are easy scapegoats for the big sell-off.

If the story is to be believed, it was a dastardly dance of giants that ultimately crushed many small traders under their bustling feet.

First, Binance drops 20,973 SOL (worth a cool $4.9M) and 1,000 ETH (worth around $3.17M) right into Wintermute.

Next thing you know, SOL's price is on the way down, hitting a $207 price like a freshly made omelet being dropped on a tile floor — and with all the rage and sadness to match.

Oh, and those leveraged longs? They got rekt in ways that make even the most hardened market watcher cringe.

The Coinbase Connection

While all this is happening, Coinbase users are sitting there watching their SOL withdrawals move slower than mainnet Ethereum.

The exchange claims "technical issues," but the timing is suspect.

Recall that Coinbase just talked about upgrading how it treats the Solana network to ensure this wouldn’t happen.

Either this recent debacle justifies the upgrade even more, or this is a tactical slowdown by Coinbase.

These Numbers Hurt

Solana is currently sitting well below $220, and that 10%+ daily drop has folks licking their wounds.

But, there’s still some sweet, sweet copium for those with a long enough time preference.

Solana is still up 66% over six months, beating out traditional financial instruments handily.

So, if you’re HODLing, well done. 

If you’re trading… we’re sorry for your loss. 

What's Next for SOL?

The bulls say: "ETF rumors + CME futures = $300-500 easy" 

The bears say: "Token unlocks coming + regulatory FUD = sub $200"

Meanwhile, the charts are looking messier than a closed-door meeting at a rapidly failing startup.

Whether you're team "market manipulation" or team "just crypto things," one thing's clear:

The weekend SOL dump was either a slick play by the majors or just another unfortunate coincidence that tends to happen in crypto.

Either way, as our boy MartyParty says, "Panic sellers and over-leveraged traders always lose in these games."

Just another weekend in crypto, right?