- Solana Faces Bearish Pressure: SOL has dropped 37% in the past 30 days, with its price hovering around $157.90, showing signs of further decline.
- Upcoming Token Unlocks Could Weigh Heavily: A massive $1.7 billion SOL unlock on March 1 and additional unlocks in April and May may increase selling pressure.
- Whale Accumulation Offers Some Hope: Despite the downturn, $77 million worth of SOL has left exchanges, suggesting that large holders may be buying the dip.
Solana ($SOL), currently the fifth-largest cryptocurrency by market cap, is staring down a bearish outlook, with prices continuing to slip amid ongoing market uncertainty. In the last 30 days alone, SOL has plummeted 37%, raising concerns among traders about where it heads next.
What’s Causing Solana’s Price Drop?
The biggest culprit appears to be a massive wave of upcoming token unlocks. On March 1, 2025, 11.2 million SOL worth $1.7 billion will be released into circulation. Additional token unlocks worth $13.75 million will follow on April 1 and May 1. With such a huge supply increase incoming, the pressure on SOL has been mounting all February, likely contributing to its prolonged slump.
SOL Price Action—Downtrend Accelerates
At the moment, SOL is trading near $157.90, having dropped over 7% in the last 24 hours. Interestingly, its trading volume has surged 157%, suggesting traders are actively repositioning amid heightened volatility.
Key Technical Levels to Watch
SOL is currently hovering near a crucial level. If it closes below $155, a deeper decline of over 22% could follow, dragging the price down to $120. The asset remains below the 200 Exponential Moving Average (EMA) on the daily timeframe, reinforcing the current downtrend scenario.
Whale Activity—Are Big Players Accumulating?
Despite the looming sell pressure, some large holders appear to be accumulating SOL. Over the past 24 hours, $77 million worth of SOL has flowed out of exchanges, according to data from Coinglass. This outflow could indicate that whales are accumulating, which might help counteract some of the bearish momentum.
Final Thoughts—What’s Next for SOL?
If SOL holds above $155, there is a chance of stabilization, but the upcoming token unlocks make upside movement uncertain. A breakdown below $155 could push the price to $120, or even lower if selling pressure persists. Whale accumulation might offer some support, but whether it will be enough to reverse the trend remains uncertain. Right now, all eyes are on March 1, as what happens next could define SOL’s trajectory for the coming months.Right now, all eyes are on March 1—what happens next could define SOL’s trajectory for the coming months.
