- Solana’s worth plunged 8.8%, hit by meme coin collapses, together with LIBRA’s $4B crash and Harry Bolz’s wild surge.
- A $2B SOL unlock on March 1 from FTX’s liquidation might add extra promoting stress to the market.
- Regardless of short-term chaos, VanEck predicts SOL will hit $520 by 2025, citing elevated market share and community stability.
Solana’s SOL token simply plunged 8.8% within the final 24 hours, dragging it right down to $169.01—its lowest level since mid-December. Over the previous week, SOL has tanked 16.5%, and in comparison with final month? A brutal 39.1% drop. The rationale? An ideal storm of meme coin scandals, political fallout, and looming promote stress from an upcoming token unlock.
Meme Cash Run Wild—Then Collapse
The meme coin frenzy on Solana has turned ugly. LIBRA, a Solana-based meme token, rocketed to a $4 billion market cap inside minutes—solely to crash spectacularly inside hours. Why? Argentine President Javier Milei endorsed the token, then shortly distanced himself from it. Now, Milei is dealing with fraud costs, and LIBRA’s creators have been accused of insider buying and selling.
However that’s not the one meme coin making waves:
- Harry Bolz (HARRYBOLZ) exploded 54,637% after Elon Musk modified his X username to match—then predictably crashed simply as quick.
- Vigilante (VIGI) pumped earlier than plummeting 69%—proper after a person climbed the Hollywood signal to put it on the market and was swiftly arrested.
With a lot hype, chaos, and controversy, it’s no marvel Solana’s worth is struggling.
FTX-Period SOL Unlock: $2 Billion Set to Hit the Market
As if the meme coin insanity wasn’t sufficient, a serious provide shock is coming.
On March 1, 11.2 million SOL tokens—price about $2.06 billion—will unlock as a part of liquidations from the FTX collapse. Traders who scooped up low-cost SOL through the FTX hearth sale could begin offloading their holdings, including much more promoting stress to the market.
Translation? Extra volatility forward.
Lengthy-Time period Bulls Aren’t Shaken—VanEck Requires $520 SOL
Regardless of all of the short-term turbulence, some big-name buyers are nonetheless bullish.
Asset supervisor VanEck predicts SOL will surge to $520 by the top of 2025—anticipating Solana to extend its market share in sensible contracts, DEX quantity, and lively customers.
And there’s one large optimistic for Solana: It simply celebrated a complete yr with out an outage. Given the community’s historical past of downtime—particularly in 2022—this can be a big milestone.
So, whereas SOL battles short-term headwinds, some are betting that the lengthy sport nonetheless favors Solana.