Is Solana’s Price Plummeting or Just Playing Hard to Get? 😱💔

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Oh dear, SOL has taken a dramatic plunge, down more than 7% and flirting with the dreaded $160 mark. Investors are clutching their pearls over the impending FTX unlocking of 11.2 million Solana. Talk about a cliffhanger! 🎢

On this fateful day, February 24, Solana (SOL) nosedived to a staggering $158.46, the lowest it’s ever been this year. The last time it dipped below $160 was back in the dark ages of October 20, 2024, when it closed at $159.64. And here we are, still hovering around $159 like a lost puppy. 🐶

According to the ever-reliable crypto.news, Solana has plummeted by 6.9% in the last 24 hours. Currently, it’s trading at a mere $159.29. In the past week, it’s down nearly 13%, and in the past month? A staggering 35% drop! Someone call the crypto therapist! 📉

Solana’s market cap is now a mere $78 billion, with a fully diluted valuation of $95 billion. Just a few days ago, it was riding high, surpassing the $180 mark. What a rollercoaster! 🎢

According to DeFi Llama (yes, that’s a thing), Solana’s DEX volume has also taken a hit, dropping by 36.7% in the past week. As of now, its weekly DEX volume is at $16.6 billion, while the daily volume is a paltry $1.5 billion. Ouch! 💔

Since February 24, Solana has lost nearly $10 billion in market cap. It’s like watching your favorite show get canceled after a cliffhanger! 😱

Why is SOL dropping?

With the FTX unlocking of 11.2 million SOL (worth a whopping $1.77 billion) looming on March 1, investors are understandably nervous. The influx of tokens could put pressure on Solana’s price, potentially triggering a significant drop. It’s like waiting for a bad date to show up! 😬

But wait! This could be a golden opportunity for savvy investors to scoop up more Solana while it’s on sale. If demand holds up, we might just see a rebound soon. Fingers crossed! 🤞

According to Amberdata, last week, SOL block trades on the Deribit exchange accounted for nearly 25% of all Solana options activity, totaling $32.39 million out of $130.74 million. That’s a lot of trading! Almost 80% of block trades were in put contracts. Talk about playing it safe! 🦈

During a price drop, whale investors often prefer put option transactions executed over-the-counter instead of regular buy orders. It’s like having a secret stash of snacks hidden from the rest of the world. Put options give investors the right to buy or sell the asset without the obligation. Smart move, right? 🧠

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2025-02-24 10:40