Solana News: SOL Volume Crashes 99%, Critical Support Levels Under Threat

In a significant market development, Solana’s [SOL] trading volume has witnessed an unprecedented decline, raising concerns about its future price trajectory.

Solana’s Volume Plunges by 99%; Critical Support Levels at Stake

Solana’s [SOL] volume has seen a dramatic decline, falling from $1.99 billion in November to just $14.57 million. This 99% plunge coincides with a 15.56% single-day drop in SOL’s price, breaching the critical $150 support level. Among high-cap assets, SOL has led the downturn with a nearly 20% weekly decline. The next few days will be pivotal for Solana as buyers need to step in to defend key support levels to prevent a deeper correction.

Berachain Expands DeFi Access with Orderly’s Omnichain Liquidity Layer

Berachain, a Layer-1 blockchain powered by a Proof-of-Liquidity consensus mechanism, has recently launched its BERA token. Berachain has partnered with Orderly to enhance cross-chain liquidity. Orderly supports a range of Ethereum Virtual Machine (EVM) and non-EVM chains, including Ethereum, Polygon, Arbitrum, Optimism, Base, Mantle, and Solana. The integration with Berachain allows decentralized exchanges (DEXes) and perpetual protocols within the Berachain ecosystem to access deep cross-chain liquidity.

CME Group to Officially Launch Solana (SOL) Futures

The CME Group, the world’s largest futures exchange, announced that it will officially launch Solana (SOL) futures on March 17th, pending a regulatory review. Users will have the option to trade large or micro-sized contracts of 25 and/or 500 SOL. This move comes amidst the exponential growth of the cryptocurrency market in recent months.

Whale Stakes $12.37 Million in JTO Tokens

Amid the ongoing downtrend in the broader digital asset market, Jito (JTO) is attracting significant attention due to its growth potential. A whale has withdrawn 96,128 SOL ($12.37 million) from Binance and staked it all with Jito. Notably, this whale had closed its first SOL trade at a higher price of $140.8 about three days ago, allegedly profiting $4.58 million (+51%) after a year of staking.