- The Solana ecosystem faces a drop in network activity and expects a major token unlocking
- The soil price should fall below the $ 180 support zone
Solana (Sol) has encountered difficulties in recent weeks, and the recent downwards across the market has affected the token. In fact, the price of Altcoin went from $ 256 to $ 173 in just under a month. It is a decrease of 32%, and more could be ahead of one of the main cryptocurrencies on the market.
Source: Messari
FTX’s succession of bankruptcy should unlock 11.2 million soil on March 1, worth 1.4 billion dollars, as part of the FTX asset liquidation plan. After the collapse of the scholarship in November 2022, it sold 41 million soil to institutional investors such as Galaxy Digital, Pantera Capital and the figure markets.
These unlocks could cause increased volatility and a potential price drop.
The controversy of the Solana ecosystem reduces the demand and activity of the network
Source: Glassnode
The launch and subsequent carpet of the controversy Balance Mencoin, which Argentinian president Javier Milei promoted for a brief period on social networks, has become a huge scandal. The Argentinian flagship index S & P Merval fell 5% on Monday, February 17, after the president’s tweet, which has since been deleted.
The same was not the first launch of the Solana channel, but he saw Meteora CEO, Ben Chow, withdraw from his role at the head of the DEFI platform.
With all the news swirling around Solana, it is not surprising that the activity of the network took a hit. The number of active addresses is now much lower than its stockings in January, reaching the levels from October 2024. Now, although this level is still high compared to most of the previous year, the beateering and the media and The number of professions in the ecosystem have fallen significantly.
Source: Glassnode
The total transaction fees also fell on its end of December.
This also alluded to a lowered commercial activity. However, Solana remains a strong long -term artist. Its daily income is almost ten times than Ethereum (ETH), although its total locked value (TVL) is considerably late.
Source: Sol / USDT on tradingView
Finally, the action of the prices revealed a lower structure. The level of $ 180 was sold to the Bears, and the price was lower than the level of Fibonacci trace of $ 175. The lower price share has shown that a rebound around $ 180 at $ 190 was possible.
It doesn’t matter if such a rebound occurs, it is likely to fall around $ 157 and lower in the coming days, given its bearish momentum.
