Solana’s taken a beating, plunging to $126—its lowest since mid-October—as jittery investors brace for a massive 11.2 million SOL token unlock from the FTX bankruptcy estate, set for March 1. That’s per the CMC price tracker, which shows SOL down 9% in the last 24 hours and a hefty 27% over the past week. The fear? A fresh wave of selling pressure could slam an already shaky market.
FTX, once a Solana heavyweight, has been offloading assets to pay creditors since its 2022 collapse. So far, 41 million SOL tokens have gone to big players like Galaxy Digital, Pantera Capital, and Figure. This next unlock—11.2 million SOL, worth about $1.3 billion at today’s prices—has traders on edge, worried it’ll flood the market and sink prices further. It’s not helping that Solana’s already reeling from a broader downturn.
The network’s DeFi scene is feeling the chill too. Total value locked has cratered from $12 billion in mid-January to $6.8 billion by February 28, according to DeFiLlama. A big driver? The memecoin craze that once juiced SOL’s trading volumes has fizzled out, sapping demand.
Tech signals aren’t pretty either. SOL’s busted through a key $127 support, with $110 and $100 as the next floors to watch. The Relative Strength Index is at a grim 23.92—deep in oversold territory—but that doesn’t guarantee a quick rebound. Bollinger Bands are screaming volatility, and red candles keep piling up, hinting at relentless selling. If SOL can’t hold $127, it might slide to that $110-$100 zone; a momentum flip, though, could lift it back toward $150-$166. Traders are glued to the charts for the next big move.
