**Solana Faces Price Drop to $126 Amid Upcoming 11.2 Million SOL Unlock, Yet ETF Listing Sparks Institutional Optimism**
Solana’s price has recently dipped to $126, its lowest level since October, as concerns mount over the impending release of 11.2 million SOL from the FTX bankruptcy estate. This significant batch of tokens, valued at approximately $2.06 billion, is scheduled to unlock on March 1, raising fears of increased market supply.
In the past, FTX has sold off 41 million SOL in three major transactions, with key buyers like Galaxy, Pantera, and Figure acquiring tokens at prices ranging from $64 to $102 each. The market has reacted swiftly, with heightened selling pressure on Solana as traders brace for potential volatility.
Meanwhile, FTX creditors are gearing up for the next phase of payments. According to an update from Sunil, the record date for the next payment is set for April 11, 2025, with distributions expected to commence on May 30, 2025. This phase will address claims exceeding $50,000 and any remaining claims under that threshold that were not settled in the previous distribution.
**FTX Distribution Dates:**
– **April 11, 2025:** Distribution Record Date for Claims > $50k
– **May 30, 2025:** Next Distribution Date for Claims > $50k and Claims < $50k (those allowed but not distributed in the first round)
As Solana grapples with these challenges, the question arises: Can SOL maintain its position above $115, or are we looking at a potential drop to $70? The broader market downturn has compounded Solana's difficulties. A recent analysis highlighted a staggering decline in transfer volume, plummeting from an all-time high of $1.99 billion in November 2024 to just $14.57 million today. This sharp drop signals a significant slowdown in on-chain activity.
Currently, Solana is priced at $131.07, reflecting an 8% decrease over the past 24 hours. This decline has triggered liquidations among heavily leveraged traders, further exacerbating the downward momentum. Crypto Patel, a prominent market analyst, noted that Solana has experienced a 56% drop from its all-time high in just 40 days. He emphasized the importance of risk management, as SOL is now testing a crucial support zone between $120 and $140.
If Solana can hold above $115, there may be a chance for recovery, with an optimistic target of around $500 in the next altcoin cycle. However, if this support level fails to hold, Patel warns that SOL could plummet to approximately $100 or even $70. The upcoming days will be pivotal as investors closely monitor whether the token can stabilize or if further selling pressure will push prices down.
In the midst of these price challenges, Solana has achieved a noteworthy milestone: an exchange-traded fund (ETF) listing with the Depository Trust & Clearing Corporation (DTCC). This development could pave the way for greater institutional adoption, offering a glimmer of hope for the future of Solana.
