Sol has fallen by more than 7% level below $ 160 as the investors are tired of the upcoming FTX 11.2 million Solana unlocking.
On 24 February, Solana (Sol) took from one nose, decreased by more than 7% to $ 158.46, the lowest this year. The last time was submerged below $ 160, on October 20, 2024, when it closed at $ 159.64. At the press time, Solana has not managed to climb back to the last $ 160 and has been at around $ 159.
According to data from crypto.news, Solana has reduced 6.9% in the last 24 hours. The token is currently trading at $ 159.29. In the last week, Solana has decreased by about 13% and even more than this. Solana has fallen more than 35% in the last 30 days.
Solana’s market cap is currently $ 78 billion, with a completely thin assessment of $ 95 billion. A few days ago, on 24 February, Solana managed a brief rebound from her previous recession, crossing the $ 180 mark.
As data From the Defee Lama, the dex volume of Solana has suffered an uniform damage. The blockchain’s Dex volume has decreased by 36.7% in the last week. At the time of writing, Solan’s weekly dex volume is $ 16.6 billion, while its daily dex volume is $ 1.5 billion.
Since 24 February, Solana has lost the same amount of equal amount in the market cap with approximately $ 10 billion.
Why is Sol leaving?
11.2 million with FTX unlocking of Sol, or equivalent to $ 1.77 billion, coming on 1 March, many investors have become tired that the incident can affect Solana’s liquidity and value stability. In token supply, the price of Solna can cause pressure on the price, possibly a significant decline can be triggered.
However, investors can avail the opportunity presented by the price drop to accumulate more solana. If the demand increases, the price of Solana may soon see a reversal.
As AmberdataLast week, all the solana option on the cryptocurrency exchange deribit, derived on the Sol block trades, was approximately 25% of the option activity or $ $ 130.74 million out of $ 32.39 million. It records the second largest part of the Sol block trades, focused in putting contracts with about 80% of block trades.
During a price drop, whale investors often choose for option transactions executed instead of regular purchasing orders on the exchange. Put options are derived contracts that give investors the right to buy or sell property rather than a liability. This gives more minimal impact to buyers, protecting them from potential market instability.
Disclosure: This article does not represent investment advice. The materials and materials painted on this page are only for educational purposes.
