On Monday, February 22, the price of Solana (SOL) dropped by 4% to $167, mainly due to concerns over money laundering and stolen funds from Bybit, as well as the release of $2 billion SOL from FTX exchange assets. While other cryptocurrencies like Ethereum (ETH) and Tron (TRX) were recovering, Solana experienced a severe decline. Reports suggest hackers used the Pump.Fun platform to launder Solana. For example, hackers transferred 60 SOL units to a specific address and released a token named QinShihuang with a trading volume exceeding $26 million. This caused concern in the Solana community and criticism of the blockchain. Additionally, worries about the release of $2 billion SOL from FTX assets on March 1 have put further downward pressure on Solana’s price. Technical analysis indicates Solana’s price is below the 50-day moving average and the middle Bollinger Band, suggesting continuous selling pressure. If this pressure continues, the price may drop to $160.58 or even psychological support at $150. On the other hand, if buying volume increases and Solana manages to surge from current levels, the price could reach $170 again. Crossing the $180 level could invalidate the bearish scenario and lead to a rise to $211. Visit the real-time digital currency price page to monitor all token and cryptocurrency prices live.
