Solana (SOL) saw a 24% surge over the weekend, only to drop 15.13% in the past 24 hours, now trading around $137.09. This volatility comes amid concerns over a potential sell-off following a major unstaking event.
FTX/Alameda Unstakes 3 Million SOL – Sell-Off Incoming?
A recent 3.03 million SOL ($431.3 million) unstaking by FTX/Alameda has fueled speculation of a large-scale liquidation. Blockchain analytics platform Lookonchain highlighted multiple 100,000+ SOL transfers, raising concerns about these funds hitting exchanges.
Historically, such massive token movements increase liquidity and often trigger price declines. Given FTX’s ongoing bankruptcy proceedings, some of these funds may be liquidated to repay creditors.
CME to Introduce Solana Futures
Despite the sell-off fears, CME Group has announced plans to launch Solana futures on March 17, pending regulatory approval. This will include both:
✔ Micro-sized futures (25 SOL per contract)
✔ Standard futures (500 SOL per contract)
These contracts could attract institutional investors, providing a regulated investment option for Solana.
Solana Price Prediction – Will SOL Recover?
Technical Indicators Show Oversold Conditions
- RSI at 37.85 – Approaching oversold but not yet at extreme levels.
- Bollinger Bands – SOL is trending toward the lower band at $122.66. A drop below this level could push prices to $120-$110.
- Resistance Levels – Key resistance sits at $164-$180, with $164.28 acting as a major hurdle.
Bullish Scenario: Can SOL Break Out?
Crypto analyst CryptoELITES remains bullish, noting that Solana has broken its 2021 downtrend. If it holds above the trendline, he predicts price targets of $450, $678, and even $1,099 in a parabolic rally.
Final Thoughts
Solana’s price is at a critical point. If FTX-linked funds flood the market, we could see further declines. However, if demand remains strong, CME futures and bullish technicals could drive a major recovery.
