Ah, Solana! A creature of the market, rebounding to the lofty heights of $143 after a catastrophic plunge of 28%. A mere 4% recovery in the past day, yet the specter of FTX looms large, depositing SOL into the abyss of Binance. How delightful!
What folly it was, this decline, birthed from a wave of profit-taking, following the initial euphoria surrounding President Trump’s grand announcement of a U.S. Crypto Strategic Reserve on the fateful day of March 2. Solana, in its youthful exuberance, soared to $179, only to be cast down to $130 as the market, in its infinite wisdom, reacted to Trump’s confirmation of tariffs on our dear neighbors, Canada and Mexico, effective March 4. Oh, the irony!
Yet, amidst this chaos, the DEX sector of Solana stands resilient, a beacon of hope in a sea of despair. According to the ever-reliable DeFiLlama, Solana has topped DEX volume for the fifth consecutive month, reaching a staggering $109 billion—24% higher than Ethereum! Even as the memecoin trading market cools, platforms like Raydium (RAY), Meteora, and Orca continue to churn out trading volumes that would make even the most stoic trader chuckle.
On the technical front, however, the 9-day EMA acts as a cruel mistress, serving as resistance and indicating a bearish momentum that would make even the most optimistic soul weep. Support lies at $136, while the key resistance levels mockingly hover at $150.05, $166.32, and $179.01. The relative strength index, at 39.65, teeters just above the oversold zone, hinting at a fleeting possibility of recovery. How poetic!
Despite a recent spike in trading activity, the overall trend remains a downward spiral. SOL may attempt to claw its way back to $166 if it can muster the strength to break above the $150 level. Yet, should the current support falter, it may plunge further into the depths of despair.
Meanwhile, the bankruptcy estate of FTX appears to be preparing for a grand offloading of SOL, adding a delightful layer of uncertainty to this already tumultuous market. Recent transactions flagged by the ever-watchful on-chain analytics firm Lookonchain on March 4 reveal that an FTX-linked address unstaked a staggering 3.03 million SOL ($431.3 million), transferring 24,799 SOL ($3.38 million) to Binance. Oh, the drama!
Of the 3.03M $SOL($431.3M) unstaked by FTX/Alameda today, 24,799 $SOL($3.38M) has been deposited to #Binance.
— Lookonchain (@lookonchain) March 4, 2025
On March 5, another 58,964 SOL ($8.52 million) was deposited. With the relentless selling pressure from FTX and the broader market volatility, traders watch with bated breath, pondering whether Solana’s recovery can withstand the test of time. What a tragicomedy indeed!
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2025-03-05 09:25