Solana’s Wild Ride: Is $100 the New $140? 🚀💸

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In a universe where the crypto market has decided to take a nosedive worthy of a particularly clumsy bird, Solana finds itself plummeting faster than a towel dropped by an unprepared hitchhiker. With liquidations soaring to a staggering $882 million, the SOL token is currently experiencing a free fall that would make even the most seasoned skydiver reconsider their life choices. The current price? A mere $140, which is about as comforting as a three-legged chair at a galactic conference.

At this price, Solana is trading at a three-month low, having crashed 15% overnight. This is not just a dip; it’s a full-on belly flop into the pool of despair, signaling an intense correction ahead, especially with the ominous token unlock looming like a Vogon poetry recital.

Solana Takes a 12% Dive: Market Cap Slips to $69 Billion

With a 24-hour crash of 12%, Solana has now slipped down the ranks to become the sixth biggest cryptocurrency, with a market cap that now resembles a sad little pile of $69 billion. Trading at $140, it seems to be signaling a falling channel breakout rally in the 4-hour chart, which is just a fancy way of saying things are looking rather grim.

Solana Price Chart

As the pullback intensifies, the volume in the 4-hour chart has surged to 757.64k SOL, which is equivalent to nearly $106.8 million at the current price. Meanwhile, the MACD and signal lines have plunged into negative territory, accompanied by a surge of bearish histograms that would make even the most optimistic trader weep.

Even the daily RSI line has entered the oversold territory, which is a bit like saying the ship has sunk but the lifeboats are still floating. Currently, the 4-hour candle reveals a minor growth of 1.10%, which is about as reassuring as a cat in a room full of rocking chairs.

FTX Bankruptcy Unlock: Will 11.16M SOL Tokens Crash the Market?

The massive crash is not just a random act of cosmic mischief; it’s accompanied by the broad market pullback and the impending doom of the Solana unlock. On March 1, the project will witness an 11.16 million SOL token unlock, valued at more than $1.5 billion. Yes, you heard that right—billion with a ‘b’.

This major unlock is part of the bankruptcy proceedings of the FTX crypto exchange from 2022, which is a bit like finding out your favorite restaurant has closed down—only worse. Generally, token unlocks can lead to increased selling pressure, which is just a fancy way of saying, “Run for the hills!”

As the unlock date approaches, the SOL price trend has been on a downward spiral, and the broader market is bracing for a massive decline, much like a rollercoaster that’s just lost its brakes.

Whales on the Move: Large Holders Exit Solana

In the midst of this chaos, whales are making their strategic exits, as if they’ve just spotted a particularly nasty storm on the horizon. According to the latest tweet from Ali Martinez, 135 whales holding more than 10,000 SOLs have decided to sell or redistribute their holdings in the past month. Smart move, or just plain panic? You decide.

135 whales holding over 10,000 #Solana $SOL have sold or redistributed their holdings in the past month!

— Ali (@ali_charts) February 25, 2025

Data from Santiment reveals that the number of addresses holding more than 10,000 SOL has dropped from 5,167 to 5,032 over the past month. During this trend, the SOL market price has plummeted from a high of $257, which is about as comforting as a wet sock.

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2025-02-25 11:51