FTX Solana Unlock Triggers SOL Nosedive Below $160
The post FTX Solana Unlock Triggers SOL Nosedive Below $160 appeared on BitcoinEthereumNews.com.
Solana price drops below $160 amid market concerns over the FTX unlocking event, increasing supply risks. Weekly decentralized exchange (DEX) volume on Solana fell by 36.35%, reflecting broader market cooling. Solana has taken a sharp fall, slipping under the $160 mark as market jitters intensify over the upcoming FTX unlocking event. With 11.2 million SOL—worth about $1.77 billion—set for release on March 1, traders fear increased supply could drive further losses. On February 24, Solana hit a low of $158, marking a steep 6.55% drop for the day. This level had not been breached since October 20, 2024, when the token closed at $159. Despite minor fluctuations, Solana has failed to reclaim $160, hovering around $158.50 at press time. Market data shows Solana has slumped nearly 14.60% in the past week and over 36.60% in the past month. The downward trend signals continued pressure on the token as uncertainty looms. Solana’s market cap now stands at $77.84 billion, while its fully diluted valuation has shrunk to $94.29 billion. Solana Faces Potential Downward Pressure on FTX Token Unlocks The anticipated release of millions of SOL tokens has raised alarms in the market. Historically, large token unlocks tend to flood supply, weighing down prices. If demand does not match the incoming volume, Solana could face another downward spiral. Despite this, some investors see an opportunity. A price dip could allow for strategic accumulation, particularly if demand holds steady or rebounds. However, the scale of the FTX unlocks means traders remain on edge, bracing for heightened volatility. Solana’s decentralized exchange (DEX) volume has also suffered a significant blow. Data from DeFiLlama reveals that weekly DEX volume has declined by 36.35%, currently standing at $16.72 billion. The daily volume remains at $1.64 billion, reflecting a broader cooldown in market activity. Source: DeFiLlama Derivatives Market…
Filed under: News - @ February 25, 2025 2:24 am