Solana Price Update!!!!
SOL is now trading below 80 dollars. The current price is around 79 dollars, which is the lowest level in two years. It has fallen more than 18% in the last week and is down 65% from its all-time high. Everyone is asking why it is falling so much.
Many investors are removing their SOL from staking. In November, 6.34 million SOL was added to staking. Now in February, net unstaking is minus 1.15 million SOL. This is a 150% jump in just two weeks. More supply means more people are ready to sell. A class action lawsuit now includes Solana Labs and Solana Foundation. The case is about Pump.fun and securities law violations. Legal uncertainty always makes the market nervous and pushes prices down.
One large whale's SOL long position was completely liquidated, losing 6.7 million dollars. Total losses crossed 16 million dollars. When forced selling happens, it creates panic and more selling. Addresses linked to FTX and Alameda unstaked 196,611 SOL, worth about 15.97 million dollars. This is court-approved selling to repay creditors, adding more supply to the market. A bearish head-and-shoulders pattern is now complete. Analysts say if selling pressure continues, the price could slide further to 45-50 dollars.
Solana ETFs saw an outflow of 67,632 SOL (5.68 million dollars) in one week. Binance has filed a lawsuit against a trader named Edison Zhang over a SOL/USDT liquidation dispute. This raises trust issues in the trading community. On the positive side, Solana ETFs still saw 2.82 million dollars in inflows when Bitcoin and Ethereum ETFs were seeing outflows.
Supply is increasing from staking, FTX selling, and whale liquidation. Demand is weak and legal issues are creating fear. The 80 dollar level is broken. The next support is 67 to 70 dollars. For a real recovery, the price needs to close above 100 dollars. Extreme fear is everywhere, but on-chain activity is still at record levels – this is the big contradiction.
Thankyou
