Solana price drops below $160 amid market concerns over the FTX unlocking event, increasing supply risks.
Weekly decentralized exchange (DEX) volume on Solana fell by 36.35%, reflecting broader market cooling.
Solana has taken a sharp fall, slipping under the $160 mark as market jitters intensify over the upcoming FTX unlocking event. With 11.2 million SOL—worth about $1.77 billion—set for release on March 1, traders fear increased supply could drive further losses.
On February 24, Solana hit a low of $158, marking a steep 6.55% drop for the day. This level had not been breached since October 20, 2024, when the token closed at $159. Despite minor fluctuations, Solana has failed to reclaim $160, hovering around $158.50 at press time.
Market data shows Solana has slumped nearly 14.60% in the past week and over 36.60% in the past month. The downward trend signals continued pressure on the token as uncertainty looms. Solana’s market cap now stands at $77.84 billion, while it
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