- Despite the $1.1B token unlock, SOL surged 10%, suggesting the market had already priced in the event.
- Open interest remains high at $3B, indicating traders are still engaged despite recent price fluctuations.
- RSI nearing oversold conditions and MACD bearish momentum suggest SOL could stabilize or rally if buying pressure increases.
With the bankruptcy cryptocurrency exchange FTX set to begin repaying creditors by unlocking 11.2 million $SOL (worth over $1.1 billion at current prices). This massive release of Solana tokens has sparked fears of a market sell-off, potentially driving SOL’s price to new lows. But shockingly, Solana experienced a 10% price increase despite the scheduled token unlocks, raising questions about its market stability.
$SOL IS UP 10% DESPITE TODAY'S UNLOCKS
— Mario Nawfal’s Roundtable (@RoundtableSpace) March 1, 2025
SO IT WAS INDEED PRICED IN? pic.twitter.com/jnlAHUW9NO
Historically, unlock events trigger selling pressure, but Solana remained resilient. Investors speculated that the unlocks were already factored into market prices. The asset’s ability to maintain its gains suggests strong investor confidence. Market participants anticipated downward pressure, but buy orders kept prices stable.
Solana price today is trading at $ 140.30 with a 24-hour trading volume of $5.77B, market cap of $71.17B which is a 7.02% increase, and market dominance of 2.43%. The SOL price increased 5.3% in the last 24 hours signalling positive momentum in the market.
SOL’s Price Surge and Open Interest Shift
According to analysis from Coinglass,from early January to late November, SOL experienced a parabolic price increase, peaking at approximately $250 before undergoing a sharp decline toward $150. Notably, open interest surged alongside price, exceeding $6 billion during the rally, signaling heightened speculation. However, the drop in price coincided with a decline in open interest, indicating liquidations and reduced trader participation.
The current SOL market value maintains a position near $150 while open interest levels exceed $3 billion. Although speculative interest remains active there could still be increased market volatility. A bullish trend would emerge if SOL surpasses $180-$200 resistance levels.
Technical Indicators Signal Potential Reversal
The Solana MACD indicator points towards a bearish market condition since the MACD line is below the signal.
Additionally, the RSI at 35.68 suggests that SOL is approaching oversold conditions, signaling potential price stabilization or a reversal if buying interest increases. However, sustained weakness may lead to further declines unless broader market sentiment shifts positively.The capacity of Solana to maintain its current price gain indicates potential future price increases as long as market demand remains strong.
