Solana’s price has plummeted below the $160 mark, hitting $158.46 on February 24, 2025, as investors scramble for the exits. The once-darling of the crypto world is now nursing a 7% loss in just 24 hours and a brutal 35% drop over the past month. Ouch.
Solana in freefall as investors bail, crashing below $160 amid brutal 35% monthly decline. Smart money’s already gone.
SOL’s market cap has shrunk to $78 billion, with its fully diluted valuation standing at a still-hefty $95 billion. So much for that brief rebound above $180 on February 24. Didn’t last long, did it?
The upcoming FTX release isn’t helping matters. A massive 11.2 million SOL tokens (worth $1.77 billion) will hit the market on March 1. Talk about poor timing.
Meanwhile, 135 whales have already jumped ship, selling or redistributing their holdings between January 25 and February 23. Add the Bybit and Infini hack to the mix, plus Wintermute yanking $40 million worth of SOL from Binance, and you’ve got a recipe for disaster.
Network activity is tanking too. DEX volume crashed 36.7% last week to $16.6 billion. Daily fees are down to $3.48 million from their $31 million peak. Technical analysts are closely monitoring the crucial support level near $170, which represents January’s lowest swing price.
Even NFT sales have dropped 32% to a measly $11 million in the last seven days. Binance Smart Chain has now overtaken Solana in DEX volume. Not a good look.
The meme coin circus isn’t helping SOL’s reputation either. The sector’s market cap has been slashed in half, from $25 billion to $12 billion. Remember TRUMP at $75? It’s now $20. MELANIA? From $12 to $1.50. Pump and dump, rinse and repeat.
There’s still some institutional interest, though. Circle just minted 250 million USDC on Solana, and Franklin Templeton filed for a Solana ETF. The token hasn’t traded this low since October 20, 2024 when it briefly dipped to $159.64.
Options activity is revealing too – 25% of Solana options on Deribit were block trades, with 80% concentrated in puts. That’s trader-speak for “we think it’s going lower.” Some analysts are predicting a summer crash to $44.29. Yikes.
