reporter
Post:
- Solana suffered from a 40%drop in price due to Memecoin problems and market uncertainty.
- The imminent unlocked unlock of 11.2 million SOL tokens can further press the price of Solana.
SOLANA (SOL) is facing considerable headwinds due to a 40%drop in value since January due to the recent concerns about recent rugs related to the injury of memo coins and the Libra token.
To combine these tasks, DEX trading volume has decreased rapidly, and the unlock of 11.2 million SOL tokens is expected to apply additional pressure on the market on March 1.
As major investors are ready to liquidate the stake, Solana’s future is still uncertain, and many people question the following movements in an increasingly increasingly fluctuating environment.
SOL price and drop
Source: X
At the time of writing, Solana’s price was $ 169.03, a significant decline. SOL has fallen 40% since January and has fallen by 10% last week.
This downward trajectory signals a significant signal of investors’ interests and trust in assets by noticeably reducing the volume of transactions.
Memo In shock: Libra
The collapse of the Libra token strengthened Solana’s challenge. The first Libra of Argentine President Javier Milei was in a market cap of $ 4.55 billion.
However, the value of tokens increased by more than 94% in a few hours, resulting in significant losses for investors.
This event is widely known as a “rug grass” where developers remove liquidity and leave an unprecedented asset by investors.
The scandal has caused legal measures against President Milei and increased the impact on Memecoins and the encryption market.
SOLANA faces the reduction of activities due to the loom of the token unlock event.
The Solana ecosystem experiences the mounting pressure due to the decrease in DEX trading volume. Solana’s 24 -hour Dex volume was $ 293.2 billion for the prestime time.
The weekly total amount was $ 24.9 billion, reflecting a decline in 20.57% over the last seven days.
Source: Defillama
Major platforms such as Raydium and ORCA have significantly reduced daytime activities of 46.99%and 12.52%, respectively.
In contrast, Meteora records an increase of 23.75%, suggesting changes in user preference within Solana’s defect environment.
In the future, major investors such as Galaxy, Petera, and Figure will start important events on March 1 when unlocking 12 million SOL tokens sold during the FTX’s bankruptcy procedure.
The launch of these tokens can raise more pressure on the price of the SOL by raising concerns about potential selling.