Solana Tests Critical Support at $150 Amid FTX Market Uncertainty

Solana (SOL) is currently trading at $153.06, marking a 2% decline over the past 24 hours, yet it maintains its position as the fifth-largest cryptocurrency by market capitalization. The asset is now testing a crucial support zone between $150 and $165, with tightening Bollinger Bands indicating potential volatility ahead. Despite the market uncertainty, Solana''s network fundamentals remain robust, with its high throughput and low fees reinforcing its competitive edge in the crypto space. However, broader market dynamics, including pressures from the FTX fallout, continue to pose challenges. This article delves into Solana''s current technical outlook, network strengths, and the broader implications for investors in these turbulent times.

Solana Holds $153 Amid Market Uncertainty, Technicals Hint at Rebound

Solana (SOL) trades at $153.06, down 2% over 24 hours but maintaining its position as the fifth-largest cryptocurrency by market cap. The asset now tests a critical support zone between $150-$165, with tightening Bollinger Bands signaling potential volatility ahead.

Network fundamentals remain strong—Solana''s high throughput and low fees continue to anchor its competitive position. Yet market dynamics face pressure from March''s $2 billion SOL token unlock tied to FTX estate liquidations, creating persistent supply overhang.

Analysts diverge sharply on outlooks. VanEck''s bullish $520 year-end target contrasts with caution from others monitoring macro conditions. The coming weeks may prove decisive as technical patterns and fundamental strengths contend with lingering sell-side pressure.

Payoneer Joins FTX''s Repayment Plan as Third Distributor

FTX''s bankruptcy proceedings take a significant step forward with Payoneer''s integration into its repayment infrastructure. The global fintech firm becomes the third official payment distributor for FTX Recovery Trust, joining crypto-native platforms Kraken and BitGo. This partnership expands payout capabilities to 93 jurisdictions for creditors with claims maturing beyond May 2025.

While the MOVE demonstrates progress in FTX''s multibillion-dollar restitution efforts, social media backlash highlights geographical limitations in the current distribution framework. Payoneer''s established cross-border payment rails could accelerate disbursements, though excluded markets remain a point of contention among affected users.