Solana News: Large-scale SOL Unlock Incoming and Kaito AI Updates

Bitget Daily Digest brings highlights on the upcoming large-scale SOL token unlock worth approximately $2.06 billion and Kaito AI's plans for an NFT snapshot.

Bitget Daily Digest Highlights: Large-scale SOL Unlock Incoming and Kaito AI Updates

On-chain data reveals that a significant amount of SOL tokens, worth approximately $2.06 billion, is set to be unlocked on March 1st. These tokens were sold by FTX during their bankruptcy auction. Additionally, Kaito AI has announced plans for an NFT snapshot, providing opportunities for community participation.

Solana Price Recovers Ahead of Large SOL Token Unlock

Solana (SOL) recorded a price recovery today, ahead of the upcoming SOL unlock scheduled for next week. The upcoming unlock of 11.2 million SOL tokens, representing 2.29% of the total supply, is valued at $1.93 billion and may contribute to further volatility in SOL's price. The Solana ecosystem recently faced a crisis following significant price drops after the LIBRA fallout.

Solana Price Analysis: Key Levels to Watch

Solana (SOL) is currently holding a crucial support level near $166 after experiencing bearish moves in recent days. Technical analysts are hopeful for a bounce, especially if SOL can reclaim the $185 mark by the end of the week. Santiment's report indicates that Solana's sentiment is at its lowest point since January, suggesting a potential market reversal. If SOL can maintain the $166 support, a rebound to $185 is considered possible; however, failure to hold this level could push prices further down, with $177 and $201 serving as resistance points.

Solana Faces Major Crash and $40 Billion Loss

The cryptocurrency market is familiar with volatility, but Solana (SOL) has recently encountered one of its harshest crashes. The blockchain platform's market capitalization has plummeted by $40 billion, hitting a three-month low. SOL's price has dropped 40% from its post-election peak, sparking concern among investors. While broader market uncertainty and selling pressure have influenced this downturn, the question remains whether this is a temporary setback or indicative of deeper issues for Solana's future.