Solana (SOL) rebounded after plunging 28%! FTX deposits Binance, can the recovery continue?
Solana has rebounded to $143 after a recent 28% drop, rebounding 4% in the past day.
FTX continues to deposit SOL on Binance, which may put pressure on Solana's subsequent price.
On March 2, Trump announced his crypto strategic reserve plan, and the market was happy first and then someone sold it.
Solana's price first rose to $179 as Trump confirmed tariffs on March 4, falling to $130.
Solana's price fluctuates greatly, but its DEX is very strong, with the number one DEX trading volume for May consecutive months; it reached US$109 billion, surpassing Ethereum by 24%, memecoin hot drops, and platforms such as Raydium are still trading more.
Technically, the 9th EMA was the resistance level and showed a downward trend. Support is $136, key resistance is $150.05, $166.32, $179.01. RSI is 39.65, slightly oversold, or a small rebound. Trading has increased but overall declines. SOL may rise to $166 after breaking through $150, and it will fall if it cannot hold the $136 support level.
FTX's bankrupt assets are preparing to sell SOL on a large scale, adding uncertainty to the market. On-chain analysis company Lookonchain showed that on March 4, the FTX related address was unstaked 3.03 million SOLs (US$431.3 million); 24,799 SOLs (US$3.38 million) were transferred to Binance, and another 58,964 SOLs (US$8.52 million) were deposited on March 5. Due to FTX selling pressure and market volatility, traders are watching whether Solana's recovery can continue.
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