- Solana’s ecosystem faces falling network activities and expects to unlock major tokens.
- The price of SOL will be lower than the $ 180 support area.
Solana (SOL) has been struggling for the last few weeks, and the weakness of the market has recently influenced tokens. In fact, Altcoin’s price dropped from $ 256 to $ 173 within a month. It is 32% reduced and more of the market’s biggest cryptocurrency may be ahead.
Source: Mesari
FTX’s bankruptcy real estate will unlock 11.2 million SOL on March 1, $ 1.4 billion as part of the FTX’s asset liquidation plan. After the exchange collapsed in November 2022, we sold 44 million SOL to institutional investors such as Galaxy Digital, Pantera Capital and Figure Markets.
Such unlocks can increase volatility and lead to a decline in potential prices.
Solana’s ecosystem debate stops demand and network activities.
Source: Glass Node
Argentine, chairman of Argentine, Javier Milei, has grown into a huge scandal of the controversial Libra Memecoin, which has been controversial in social media for a short period of time. Argentine’s flagship index S & P Merval decreased by 5% after the tweet, the president’s meme on Monday, February 17, was deleted.
Memecoin was not the first launch of Solana Chain, but I saw the CEO of Ben Chow’s Meteora withdraws from his role in the helper of the Defi platform.
It is not surprising that network activities have gained popularity as all news around Solana swirls. The number of active addresses is now much lower than the lowest in January, reaching the level of October 2024. This level is still higher than most of the previous year. The number of hype and transactions in the ecosystem has noticeably dropped.
Source: Glass Node
The total trading fee fell in late December.
This also has lowered trading activities. But Solana remains a powerful long -term actor. Daily revenue is almost 10 times that of Ethereum (ETH), but the total value lock (tvL) is far behind.
Source: TradingView SOL/USDT
Finally, the price behavior showed a weak structure. The $ 180 level was collected by Bears and the price was at the $ 175 Fibonacci Retression level. The weak price behavior has shown that bounce for $ 180-$ 190 is possible.
Regardless of whether such a bounce occurs, it is likely to fall to less than $ 157 in view of the weakness of the weakness.