The Solana (SOL) market witnessed a major downfall. Along with its price, several other factors were also impacted. While SOL investors were dreading their recent losses, news of the asset dipping further was brought to light. FTX repayments are going to kickstart on March 1. A staggering 11.2 million SOL, which is worth more than $2 billion, is expected to enter the market. The community fears that this could bring in sell pressure in the near future. This article dives into the price of SOL during FTX’s repayments.
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A Look Into The Solana Market
Throughout the past seven days, SOL witnessed a massive drop of nearly 20%. The asset was trading at a high of about $204 before dipping to a low of $164. At the time of writing, Solana was priced at $164.77 following a significant downfall of 10%.
Amidst this, the daily volume of Solana recorded a notable spike of 73%. But the drop in the altcoin’s price indicates that the market was witnessing increased selling activity.
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Meanwhile, prominent analyst Ali Martinez highlighted how the number of active addresses in the SOL market recorded a decrease. He noted that back in November, there were 18.5 million active addresses on the Solana network. But today, there are just 8.4 million.
Feb-End Price Prediction
Recovery could be on the cards for the Solana market. Data from CoinCodex reveals that SOL is all set to move close to $200 by the end of the month. The firm revealed that during the final week of February, SOL will trade at a high of $193.26. On February 28. 2025, the altcoin will trade at a high of $192.07 marking a 16.77% rise from its current price level. While this may not be a massive rise, it is a much-needed respite for the SOL market.
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