- Solana’s price plunged 8.8%, hit by meme coin collapses, including LIBRA’s $4B crash and Harry Bolz’s wild surge.
- A $2B SOL unlock on March 1 from FTX’s liquidation could add more selling pressure to the market.
- Despite short-term chaos, VanEck predicts SOL will hit $520 by 2025, citing increased market share and network stability.
Solana’s SOL token just plunged 8.8% in the last 24 hours, dragging it down to $169.01—its lowest point since mid-December. Over the past week, SOL has tanked 16.5%, and compared to last month? A brutal 39.1% drop. The reason? A perfect storm of meme coin scandals, political fallout, and looming sell pressure from an upcoming token unlock.
Meme Coins Run Wild—Then Collapse
The meme coin frenzy on Solana has turned ugly. LIBRA, a Solana-based meme token, rocketed to a $4 billion market cap within minutes—only to crash spectacularly within hours. Why? Argentine President Javier Milei endorsed the token, then quickly distanced himself from it. Now, Milei is facing fraud charges, and LIBRA’s creators have been accused of insider trading.
But that’s not the only meme coin making waves:
- Harry Bolz (HARRYBOLZ) exploded 54,637% after Elon Musk changed his X username to match—then predictably crashed just as fast.
- Vigilante (VIGI) pumped before plummeting 69%—right after a man climbed the Hollywood sign to promote it and was swiftly arrested.
With so much hype, chaos, and controversy, it’s no wonder Solana’s price is struggling.
FTX-Era SOL Unlock: $2 Billion Set to Hit the Market
As if the meme coin madness wasn’t enough, a major supply shock is coming.
On March 1, 11.2 million SOL tokens—worth about $2.06 billion—will unlock as part of liquidations from the FTX collapse. Investors who scooped up cheap SOL during the FTX fire sale may start offloading their holdings, adding even more selling pressure to the market.
Translation? More volatility ahead.
Long-Term Bulls Aren’t Shaken—VanEck Calls for $520 SOL
Despite all the short-term turbulence, some big-name investors are still bullish.
Asset manager VanEck predicts SOL will surge to $520 by the end of 2025—expecting Solana to increase its market share in smart contracts, DEX volume, and active users.
And there’s one big positive for Solana: It just celebrated an entire year without an outage. Given the network’s history of downtime—especially in 2022—this is a huge milestone.
So, while SOL battles short-term headwinds, some are betting that the long game still favors Solana.
