Solana Price Hits sell as October because 11.2 meters of Sol Unlock Sells Pressure Mounts

Solana has faced a sharp decline, falling to its lowest level since November as the sales pressure moves beyond a major token unlock.

As at the time of writing, Solana (Sol) is sitting on a mark of $ 135, below 15% in just one day. On weekly and monthly time -simplication, according to Crypto.NEVS, it has declined by 17% and 56% respectively.

This is the lowest price of Solana since mid -October. The price accident comes despite the increase in institutional interest in SOL, Franklin has been filing for the recent Solana Exchange-traded funds with asset managers such as Templeton and OneC.

This recession at the price of Solana can be tied to several factors, especially as the sale of a broad market, was eliminated by the Crypto Market Cap from Friday to over $ 325 billion. Although Bitcoin Dip has been relatively modest, Altcoins have taken a big hit with Solna among the largest loser among the top 10 coins by the market cap.

In addition to market-wide liquidation, the upheaval of the solid price can be attributed to the recession in the demand for meme coins after the Libra scam, which was an important source of Solan’s activity earlier this year.

Looking forward, the approach to the price of Sol remains a slowdown. Crypto market maker Wintermute is recently Withdrawn Soul over $ 38 million from Binance. It comes in view of the largest $ 2 billion sole token unlock event Slated for 1 MarchWhich will release more than 11.2 million soul tokens in circulation. The return may mean that Wintermute is speculating that the upcoming token will put pressure on the price of unlock and downwards.

In Recent posts on XCrypto analyst Artchick.th reported that over the next three months, more than 15 million souls were estimated to be more than $ 2.5 billion. Many of these tokens were acquired in $ 64 per soul during auction of FTX by firms such as Galaxy Digital, Pantera Capital and Figure. It is a matter of concern that most of these companies are likely to sell their allocation as Sol is the least encouragement given the deteriorating market spirit.

On the technical side, Solan is currently in a strong dowtrand, which is trading well under its 50-day (196.38) and 200-day (198.63). A Death Cross is being formed as a 50-day WMA cross under the 200-day WMA, which reflects the possibility of further negative.

In terms of the level of the structure, the major support area for viewing is around $ 130- $ 140, with a possible decline to $ 120 if this level fails. The resistance is between $ 160- $ 180, aligning with previous consolidation regions.

To do yoga, the sharp decline of Solana is operated by the upcoming token unlock, which will release more than 11.2 million souls. With the withdrawal of a significant amount of SOL to Wintermute, pressure sales are increasing.

It is said that steep and aggressive sales have pushed Sol into the oversold area, which can lead to short -term relief bounce. If the sellers step on exhaustion and buyer major support levels, a temporary rebound is possible. Nevertheless, for any constant recovery, the sole will need to recover resistance above $ 160 to move the market spirit in a more positive direction.