Solana Price Volatility and Futures Launch

Solana’s price surged 24% over the weekend, only to plummet 15.13% in the last 24 hours, currently trading around $137.09.

The altcoin has experienced extreme volatility, primarily due to the recent unstaking of 3.03 million SOL (approximately $431.3 million) by FTX/Alameda. These tokens have been distributed across multiple wallets, leading to concerns about a potential sell-off.

Large SOL Transfers Spark Sell-Off Fears

Blockchain analysis platform Lookonchain noted multiple large transfers occurring quickly, with several transactions exceeding 100,000 SOL. Historically, such large unlocks have resulted in price declines as liquidity increases in the market. If these funds are transferred to exchanges, it could trigger a sell-off, further driving down SOL prices.

In light of FTX’s bankruptcy proceedings, some of these funds might be liquidated to pay creditors.

CME To Launch SOL Futures Contracts

The CME Group has announced plans to launch Solana futures on March 17, pending regulatory approval. The introduction of both micro-sized (25 SOL) and standard (500 SOL) futures contracts will enable institutional investors to invest in Solana in a regulated manner.

> Fill the Gap: CME to launch SOL futures on March 17th
>
> — Solana (@solana) March 3, 2025

Despite this upcoming launch, analyst CryptoELITES maintained a bullish outlook, noting that Solana has broken its long-term 2021 downtrend. The accompanying chart displayed a classic cup-and-handle formation, indicating a potential breakout if SOL holds above the trendline. The analyst’s long-term price targets are $450, $678, and $1,099, with the third target possible if Solana experiences a parabolic rally similar to 2021.

Related: Solana Futures ETFs Listed on DTCC, Spot ETF Hopes Rise

Solana Technical Analysis Points to Oversold Conditions

In Solana (SOL) Price Analysis, the Relative Strength Index (RSI) is currently at 37.85, approaching oversold conditions, yet not reaching extreme levels observed during past market bottoms. A dip below 30 would signal a stronger buy opportunity, as depicted in the daily chart below.

Related: Pump.fun in Freefall? Solana Token Platform Sees Graduations Plummet

Moreover, the lower Bollinger Band is set at 122.66 as SOL trends towards it. If the price drops below this level, further declines towards $120-$110 could be anticipated. The mid-BB at 164.28 represents a critical resistance level for any potential relief rally.

Immediate support lies between $122-$125, while resistance is positioned near $164-$180. A close below $120 could confirm a deeper correction.

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