After a recent 28% accident, Solana has rebounded up to $ 143, recovery of 4% in the previous day, but can face pressure as FTX has continued to deposit Sol into the concentration.
On March 2, the announcement of President Trump’s US Crypto Strategic Reserve declined after initial optimism, after a wave of profit. Solana (Sol) rose to $ 179, before reaching $ 130, the market reacted to Trump’s confirmation that tariffs on Canada and Mexico would be effective on March 4.
Despite the instability, Solan’s dex sector remains strong. According to defilama dataSolana was at the top of the dex volume for the fifth consecutive month, which was $ 109 billion, which was 24% higher than the Atherium (ETH). Even though the Memcoin trading market has cooled down, platforms like Radium (Ray), Metora and Orca are still running huge trading volumes.
On the technical front, the 9-day EMA is acting as resistance, indicating the speed of recession. The support is located at $ 136, while the major resistance levels are at $ 150.05, $ 166.32 and $ 179.01. At 39.65, just above the oversold zone, the relative power index indicates the possibility of a brief recovery.
Although there has been a spike in trading activity recently, the overall trend is still downwards. If it breaks above the level of $ 150, Sol can try to recover towards $ 166. However, if the current support is not maintained, it may move forward.
Meanwhile, FTX’s bankrupt property is preparing to launch a large amount of SOL, adding uncertainty in the market. According to the recent transactions by on-chain analytics firm Lukanchen on March 4, an FTX-Linked Address Unstacked 3.03 million Sol ($ 431.3 million), 24,799 Sol ($ 3.38 million) were transferred to the binense.
On 5 March, another 58,964 Sol ($ 8.52 million) was deposited. With the ongoing sales pressure from FTX and comprehensive market instability, traders are looking closely to see if Solana can be recovered.
