Solana has fallen to $ 126, its lowest price since mid -October, as investors are prepared from FTX insolvency property for the upcoming 11.2 million Sol tokens unlock.
According to Crypto, FTX, once a major holder of Solana, is selling property to the creditors to repay the creditors as part of its bankruptcy process.
So far, 41 million sol tokens have been sold to firms such as Galaxy Digital, Pantera Capital and Figure. The next scheduled unlock on March 1, a total of $ 1.3 billion at a total of $ 1.3 billion at a total of $ $ 11.2 million soul or existing prices, increased the possibility. This has already put pressure on the soul downwards in the already weak market.
Additionally, activity has declined on Solan’s decentralized finance scenario. According to Difilama, the total value of the network is locked. dataMemcoin trading has recently reduced the demand for Sol, which once fuel the huge trading volume.
According to technical indicators, there is more negative risk. Solana is broken below the significant support level of $ 127, at $ 110 and $ 100 with the next important levels, although the relative power index is at 23.92, indicating severe oversold conditions, it does not always indicate an immediate bounce.
Bollinger bands display mass instability, but red candles dominate trading activity, suggesting strong sales pressure. If it continues to break below $ 127, the sole can move towards $ 110-$ 100 range, but if the speed changes, it can be cured for the $ 150- $ 166 range. The traders are looking for a decisive step because Solan test tests major levels.
At the same time, the Counglass data indicates that the open interest in Solan futures has decreased significantly, which has been from $ 7.4 billion in mid -January to $ 3.7 billion on February 28. This shows that leveraged posts have been reduced considerably.
Although institutional firms such as Vanak and Franklin Templeton filed for Solana ETF, there are no immediate catalysts as ETF approval may take some time. If SOL fails to reconstruct $ 130, dowstrand may accelerate, taking into account the $ 100 level.
