Solana News: Large-scale SOL Unlock Incoming and Price Drops to November 2024 Lows

Bitget Daily Digest brings you the latest updates on Solana, including the upcoming unlock of a significant amount of SOL tokens and the recent price drop.

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 Drops to Lowest Since November 2024, Losing 43% Since January

Solana's price has experienced a significant decline, losing around 43% since its peak in January. The asset, which reached $293 on January 19th, fell to a low of $163 by February 18th, marking its lowest price since November 2024. The decline was preceded by a period of volatility, including sharp rebounds and subsequent falls, driven by multiple memecoin rug pulls and value decline. Solana had recovered from a multi-year low in December 2022, reaching $257 in November of the previous year, but has since been affected by regulatory pressures and litigation following the FTX collapse and Coinbase lawsuits.

Solana Price Holds at $175: Can SOL Break Resistance or Face a Pullback?

The Solana (SOL) price is currently hovering around $175, a key level for the token. If it can maintain this level, there is potential for the price to rise towards $221. However, if it drops below $175, it may fall to $155 or even lower. Despite Solana's strong market presence, its price is currently under pressure, making its future direction uncertain.

Solana Crashes 60% from Peak as Meme Coin Hype Fades

Solana (SOL) has experienced a sharp decline of nearly 60% from its January peak, primarily due to the fading excitement surrounding the meme coin market. Once propelled by the speculative minting of meme coins, Solana's popularity has suffered as the bubble bursts and retail investors face significant losses from pump-and-dump schemes. The blockchain's reliance on speculative trading is now being questioned as SOL trades below key support levels.