Crypto market crash adds fuel to the growing token unlock fear among Solana holders. Solana (SOL) price crashed under $150 and warned of a plunge to $100 as Bitcoin hangs at $90K support.
By Vishal Dixit
Edited by Julia Sakovich
Updated
4 mins read
With a massive crash in the crypto market, with liquidations rising up to $882 million, Solana is in a free fall. The SOL token SOL $136.7 24h volatility: 2.0% Market cap: $69.99 B Vol. 24h: $3.17 B market price has dropped to $140, marking its lowest price since October 12, 2024
At $140, Solana is trading at a three-month low, marking a 15% overnight crash and signaling an intense correction ahead amid the upcoming token unlock.
With a 24-hour crash of 12%, Solana is now down as the sixth biggest cryptocurrency with a market cap of $69 billion. Currently, it trades at a market value of $140, signaling a falling channel breakout rally in the 4-hour chart.
Solana Price Chart
With the intense pullback, the volume in the 4-hour chart surged to 757.64k SOL, equivalent to nearly $106.8 million at the current price. Furthermore, following the channel breakout, the MACD and signal lines have plunged into negative territory with a surge of bearish histograms.
Even the daily RSI line has entered the oversold territory, reflecting the increased bearish momentum. Currently, the 4-hour candle reveals a minor growth of 1.10% to retest the broken trend line that hints at a potential correction after a retest.
The massive crash comes with the broad market pullback and increases the fear for the upcoming Solana unlock. On March 1, the project will witness an 11.16 million SOL token unlock, valued at more than $1.5 billion.
This major unlock comes as part of the bankruptcy proceedings of the FTX crypto exchange in 2022. Generally, token unlocks can lead to increased selling pressure with the increased supply in the market.
In anticipation, the SOL price trend has been on a declining path over the past few weeks. Hence, as the unlock date nears, the broader market is expecting a massive decline.
Amid the anticipation of a prolonged correction, whales are redistributing or selling their holdings. As per the latest tweet from Ali Martinez, 135 whales holding more than 10,000 SOLs have taken a strategic exit or shift over the past month.
135 whales holding over 10,000 #Solana $SOL have sold or redistributed their holdings in the past month! pic.twitter.com/k5OObAWH4p
— Ali (@ali_charts) February 25, 2025
As per data from Santiment, crypto analyst Ali Martinez highlights that the number of addresses holding more than 10,000 SOL has dropped from 5,167 to 5,032 over the past month. During the trend, the SOL market price has dropped significantly from the $257 high.
The Solana Network reflects the shift of users amid the potential crash. The number of active addresses on the Solana Network is down to 3.49 million addresses.
Furthermore, the number of new addresses on the Solana Network is down to 2.71 million addresses, which marks its lowest since September 6, 2024. As the user base shifts from Solana, the total fees have dropped to $2.79 million compared to the peak of $33.36 million in early 2025.
With the declining numbers on the Solana network, lesser demand is likely to fuel the SOL price crash.
Amid such increased supply, Solana is likely to revisit the $100 psychological support if the broader market continues to fall. Meanwhile, a potential recovery may not be able to help Solana due to the incoming token unlock.
Hence, in the short term, market conditions seem extremely gloomy for Solana holders. However, for optimistic traders who expect Solana to bounce back as it did after the FTX market crypto exchange crash, this might be a good moment to buy the dip.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Vishal, a Bachelor of Science graduate, began his journey in the crypto space during the 2021 bull run and has since navigated the subsequent market winter. With a strong technical background, he is dedicated to delivering insightful articles rich in technical details, empowering readers to make well-informed decisions.
