The entire cryptocurrency market was painted red. With most assets registering losses, the community was in panic. Amidst this chaos, the Solana (SOL) market was making headlines. While its price was seen dropping without a stop, a major sell-off was seen occurring in the SOL market. Similar to the rest of the ecosystem, Solana also encountered a challenging February as the asset dipped by 36%. With the new month just around the corner, the community hopes to see SOL rise.
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A Look Into The Solana Market
Throughout the past week, Solana recorded a major fall of nearly 14%. The asset went from trading at a high of $185 to a low of $155.70 during this period. At the time of writing, the altcoin was priced at $159.58, following a 5.56% drop over the past 24 hours.
Massive volumes of SOL were being sold even though the market was already declining. According to recent data, over the past couple of hours, prominnet cryptocurrency exchange Binance sold a significant quantity of SOL through market maker Wintermute. The reason behind the spontaneous dump is still unknown. The community speculates that the exchange could have some inside information.
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March Price Prediction
According to data from CoinCodex, March could be a moderate month for the altcoin. The asset will continue to trade below the $200 mark. In comparison to present rates, analysts predict that SOL’s price will increase by 13.09% in March. The asset may average about $180.24. Solana is slated to reach a high of $195.58 and a low of $170.10. The returns on the asset following its rise stand at a dainty 22%.
Nevertheless, the community is optimistic about the asset’s performance over the next couple of months. With the possibility of a SOL ETF getting approved, the chances of the asset reaching $300 were strong.
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