Journalist
Posted:
- Solana had a hard time with a drop in prices of 40%, driven by the same concerns and the uncertainty of the market.
- The imminent unlocking of 11.2 million ground tokens could put pressure on the price of Solana.
Solana (soil) is faced with significant opposite winds, with a 40% drop since January, driven by concerns about the rise of the same and a recent carpet traction involving the balance.
To worsen these challenges, the Trading Dex volumes have decreased sharply, while the next unlocking of 11.2 million ground tokens on March 1 should apply additional pressure on the market.
While the main investors are preparing to liquidate their assets, Solana’s future remains uncertain, leaving a lot to question her next movement in an increasingly volatile environment.
Soil prices and reduction of volume
Source: X
At the time of writing the editorial staff, Solana’s price was $ 169.03, marking a significant drop in a broader trend. Sol has dropped 40% since its summit in January and dropped 10% in last week.
This downward trajectory is associated with a significant drop in negotiation volumes, reporting a decline in the interest and confidence of investors in the asset.
Impact same: traction of the balance carpet
The collapse of the balanced token intensified the Solana’s challenges. Initially promoted by Argentinian president Javier Milei, the balance quickly reached a market capitalization of $ 4.56 billion.
However, the value of the token crashed more than 94% in a few hours, resulting in significant losses for investors.
This event was largely considered to be a “carpet traction”, where developers abolish liquidity, leaving investors with worthless assets.
The scandal triggered legal action against President Milei and an increased examination of the same and their impact on the cryptography market.
Solana faces a reduced activity because the event of unlocking the tokens is looming
The Solana ecosystem is under assembly pressure due to the drop in dex trading volumes. At the time of the press, the SOLANA DEX volume 24 hours a day amounts to $ 2.932 billion.
And the weekly total was 24.89 billion dollars, reflecting a decrease of 20.57% in the last seven days.
Source: Defillama
The main platforms such as Raydium and Orca have experienced significant reductions in weekly activity, with drops of 46.99% and 12.52%, respectively.
On the other hand, Meteora recorded an increase of 23.75%, suggesting a change in user preferences in the Solana DEFI landscape.
For the future, a crucial event is scheduled for March 1, when the main investors such as Galaxy, Pantera and the figure will unlock 11.2 million ground tokens, sold during the FTX bankruptcy procedures.
The release of these tokens raises concerns concerning potential sales, which could apply an additional drop pressure on the soil price.
