Solana Price Plunges 15% as FTX Unstakes 3.03M SOL – Can the Bulls Rebound Above $184 Mark?

Highlights:

• Solana price plunges 15% to $136 as the crypto market experiences extreme volatility.
• The dip comes after FTX recently unstaked 3.03M SOL, with subsequent token unlocks injecting fear into the market.
• Can SOL rebound above key levels as oversold conditions could ignite a buy-back campaign?

The Solana price has dwindled like a dead weight in the air, down 15% to $136, as the crypto market experiences extreme volatility. Its trading volume has notably plunged 36% to $8.71 billion, indicating a fall in market activity. 

This sharp drop in the SOL price comes after FTX recently unstaked 3.03M SOL ($430.47M), with subsequent token unlocks injecting fear into the market.

INTEL: FTX/Alameda unstaked 3,030,000 $SOL ($412,396,915) yesterday, from which 24,799 $SOL ($3,375,258) was deposited to Binance 8 hours ago pic.twitter.com/hJW4XnliXa

— Solid Intel 📡 (@solidintel_x) March 4, 2025

The market is experiencing extreme volatility, with liquidations and surges creating a frenzy. Some traders have lost their positions, while some have benefited greatly from an unexpected governmental announcement. As such, traders remain cautious about the upcoming days and economic events.

Solana Price Outlook

The Solana price daily chart shows a downtrend channel, with the price currently trading near the lower boundary of the falling wedge. Currently, the price trades below both the 50-day and 200-day MAs, confirming the bearish momentum.

Additionally, the price attempts to recover but remains below both moving averages, suggesting that sellers still have control. However, the resistance at $184 aligns with intra-day highs, while the support at $135 is a critical level that, if broken, could see further declines to $100.  

Can Solana Price Rebound Above Moving Averages?

At the current level of $136, SOL is showing signs of a potential short-term rebound, but the structure remains bearish. If the price successfully breaks above the 200-day MA at $184 and holds, it could signal a bullish reversal. In such a case, the next resistance could be at $198, which would be the $239 and $257 levels.

However, failure to reclaim this moving average may result in continued downward movement, possibly retesting the $125 mark before reaching the key supports at $100. Additionally, the declining trading volume indicates weakening buying pressure, making it less likely for an immediate bullish reversal.

Bearish Technical Indicators Suggest a Potential Downtrend

A zoomed outlook at the Relative Strength Index (RSI) currently stands at 37.99, nearing the oversold threshold of 30. This suggests that selling pressure is intense, coupled with the southbound RSI momentum.

However, with the Solana price almost undervalued, 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. The MACD indicator worsens the outlook, as it has flipped below the orange signal line. This suggests intense selling pressure in the Solana market. 

Nevertheless, the volume analysis shows a fall in market activity, as there is no significant breakout signal yet. For a bullish scenario, the price needs to break above the $184 resistance level, ideally with strong volume confirmation. 

Conversely, if SOL loses the $135 region, it may accelerate its decline toward $130. Overall, the market is at a decision point where a breakout above resistance or a drop below support will define the next major move.