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The Solana price has plummeted 13% in the last 24 hours to trade at $135 as of 6:00 a.m. EST on a 35% plunge in trading volume to $8.77 billion.
This sharp drop in the SOL price comes after FTX recently unstaked 3.03M SOL ($430.47M), with subsequent token unlocks also injecting fear into the market.
🔥 JUST IN: FTX/Alameda estate wallets acquire $430 million in Solana pic.twitter.com/5VECAm3o0L
— Crypto Briefing (@Crypto_Briefing) March 3, 2025
While concerns of a crash below $100 persist, market data suggests otherwise. Coinglass reports that $300M in liquidations would occur if SOL falls to $127, potentially triggering a drop to $120. However, strong investor sentiment and buying interest could prevent further decline, making a dip below $100 unlikely.
Solana Price Targets A Bullish Breakout If $135 Support Holds
The SOL price reached a high of $145.08 and a low of $132.46, reflecting strong volatility. Over the past few months, Solana has exhibited significant price action, moving through phases of parabolic growth followed by a bearish correction.
The price initially followed a parabolic curve, leading to a strong uptrend that peaked in early 2025. However, the momentum cooled off, and the price entered a bearish channel, indicating a correction phase.
SOL is now testing the $135 support level, which aligns with a previous double-bottom pattern, suggesting that buyers may step in to defend this zone. A bounce from here could lead to a potential trend reversal, pushing prices higher towards key resistance levels.
SOLUSDT Analysis Source: TradingView
The Relative Strength Index (RSI) currently stands at 37.49, nearing the oversold threshold of 30. This suggests that selling pressure may be fading, and a potential reversal could be in play if buyers start accumulating. If the RSI climbs above 40, it will signal improved bullish strength, confirming the possibility of a recovery.
Bullish Technicals Signal An Upside Breakout For The Solana Price
Looking ahead, if SOL successfully rebounds from $135 and breaks above $150, it could trigger a bullish move toward $175, followed by $200-$223, which aligns with previous resistance levels. A strong breakout beyond $223 could set the stage for an extended rally towards $251. However, if the $135 support level fails, the price may dip towards $120, with $100-$110 acting as the next major support zone.
The double-bottom support at $135 suggests a potential bullish reversal, but confirmation is needed through a breakout above resistance levels. If the support holds, buyers could regain control, but a breakdown below $130 would invalidate the bullish outlook, leading to further declines.
Solana Investors Flock To Solaxy As Its Presale Heads For $25 Million
As Solana’s price struggles under selling pressure, investors are turning to Solaxy (SOLX), a promising Solana Layer 2 project that is currently in the presale stage and has raised over $24.8 million.
The recent meme coin trading frenzy on Solana’s Pump.fun has led to network congestion. Solaxy aims to solve this with its advanced scaling solution, which processes transactions separately on a Layer 2 sidechain before finalizing them on Solana’s mainnet. This reduces congestion, lowers fees, and improves transaction speeds.
3/ Staking SOLX: 176% APY Rewards
Even during the presale, SOLX can already be staked with rewards of 4,377.4 SOLX per block. The returns are attractive, but remember: the more tokens staked, the lower the rewards might become.
Could this be good for long-term ecosystem… pic.twitter.com/bCKrQCQLaj
— NYC (@NgYC_87) February 24, 2025
Solaxy supports plug-and-play components for seamless application development. The project recently made significant progress in deploying its technology, bringing it closer to launch.
Market analysts predict SOLX could achieve Solana-like gains of 35,170% over time. While some forecasts are more conservative, several crypto influencers share a bullish outlook.
An analyst from the 99Bitcoins YouTube channel, which has over 726K subscribers, predicts that SOLX could surge 10X after it launches.
At this early stage, SOLX is available for just $0.001652, and can be purchased using ETH, USDT, BNB, or SOL via the official website or a crypto wallet like Best Wallet. Presale investors can also stake SOLX for a high 165% annual yield.
With a price increase scheduled to take place in just over 7 hours, those interested may want to act quickly.
Visit the official Solaxy website.
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