Solana News: Volatile SOL Price Faces Short-Term Sellers and Long-Term Selling Pressure

Solana (SOL) Price Prediction for March 4

Currently, Solana (SOL) is trading at $140.46 after a 7.80% decrease in the last 24 hours and a 31.04% drop over the past 30 days. The 7.80% drop in the last 24 hours suggests that short-term sellers have dominated the market, possibly due to profit-taking or market corrections amid broader uncertainty. The 31.04% decline for the SOL price over the past 30 days indicates that SOL has been under prolonged selling pressure. This contrast between the short-term recovery attempts and the longer-term bearish trend is key to understanding the overall market sentiment for Solana.

FTX/Alameda Unstakes 3.03M SOL and Transfers to Binance

In a significant blockchain movement, FTX/Alameda has unstaked a substantial 3.03 million Solana (SOL) tokens valued at approximately $431.3 million. The unstaking event was followed by multiple wallet transfers, including a notable deposit of 24,799 SOL (approximately $3.38 million) into Binance. Data from Solscan confirms the unstaking and subsequent dispersion of SOL across multiple wallets, sparking speculation about the ultimate intent behind these transfers.

Solana (SOL) Drops Below $150 Amid Bearish Indicators

Solana (SOL) has experienced a decline, falling below the $150 mark due to increased selling pressure. Technical indicators, such as the Ichimoku Cloud and Directional Movement Index (DMI), suggest that SOL remains in a bearish phase. The Ichimoku Cloud specifically shows that the price is trading well below the cloud, with the Tenkan-sen sloping downward and the Kijun-sen positioned above the price, indicating short-term weakness and a lack of bullish momentum. Despite this, if SOL manages to stabilize and reclaim key resistance levels, a rebound towards $200 could still be possible in the coming weeks.

Solana (SOL) Crashes 15% After Massive Profit-Taking Spike

On-chain data shows that investors on the Solana network participated in significant profit-taking ahead of the asset’s latest retrace. According to data from the on-chain analytics firm Glassnode, the Realized Profit observed a huge spike for Solana recently. The “Realized Profit” refers to an indicator that tracks the total amount of profit investors are realizing through their selling.