Solana dips below $130 ahead of SOL token unlock

Solana fell at $ 126, its lowest price since mid-October, while investors are preparing to unlock a token token from 11.2 million soil in the FTX bankruptcy area.

According to Crypto.News Price trackerSolana (GROUND) dropped 9% in the last 24 hours and 27% in last week, with concerns about additional sales pressure. FTX, formerly a major Solana holder, sold assets to reimburse creditors as part of its bankruptcy process.

Until now, 41 million ground tokens have been sold to companies like Galaxy Digital, Pantera Capital and Figure. The next unlocking scheduled for March 1, totaling $ 11.2 million soil or approximately $ 1.3 billion at current prices, has feared a possible sale. This added downward pressure on soil in an already low market.

In addition, activity on the decentralized Solana financial landscape has decreased. The total value of the locked network increased from $ 12 billion in mid-January to $ 6.8 billion on February 28, according to Defilma data. The soil demand has also reduced following the recent slowdown in the memecoin negotiation, which has once fed huge trading volumes.

There is more inconvenience Risk, according to technical indicators. Solana broke below the crucial level of support of $ 127, with the following significant levels at $ 110 and $ 100, although the relative resistance index is at 23.92, indicating serious conditions of occurrence, this does not always signal an immediate rebound.

Bollinger strips display massive volatility, but red candles continue to dominate commercial activity, suggesting high sales pressure. Sol could drop to $ 110 to $ 100 if it continues to break below $ 127, but if the momentum changes, it can recover from the range from $ 150 to $ 166. Traders take care of a decisive decision while Solana tests key levels.

At the same time, the advice data Indicates that the interests open in the term contracts on Solana has decreased considerably, going from $ 7.4 billion in mid-January to $ 3.7 billion on February 28. This suggests that leverage has been considerably reduced.

Although institutional companies such as Vaneck and Franklin Templeton have laid For ETF Solana, there are still no immediate catalysts because ETF approvals could take some time. If soil will not recover $ 130, the downward trend can speed up, which sets the $ 100 level.