Ahead of Unlocking 524.03 Million Tokens, SOL Price Drops

 

Solana will unlock tokens worth over $81 million in October. However, Solana's price is currently falling. Read the full analysis in this article.

Solana is preparing to unlock tokens with more than 524 million tokens. However, Solana price now it is now decreasing. This situation makes SOL investors ask to be vigilant. The reason is, there are many major tokens that will also unlock tokens in the same month as Solana.

Read the full explanation of the current SOL price conditions complete with technical analysis.

Current Solana Price

The price of Solana to USDT is currently at $148.45 due to a decline of -5.31%. This price looks small not only in the 24 hours that SOL was trading at its highest figure of $157.32, but it is also very down compared to SOL's performance in Q3.

In early August, SOL was at $193, and then in early September, Solana also experienced an increase of up to 25%. This increase rate far exceeds the increase rate for BTC and ETH.

It can be seen from the Solana price chart above, several Solana indicators show unsatisfactory conditions. For example, the RSI indicator is currently at 40. This means that Solana is currently experiencing a selling trend that is greater than the buying trend. If this RSI number falls again, overselling occurs on the SOL token.

Solana's MACD indicator also fell from the cut line with the two lines quite far apart. With these conditions, a bearish trend for SOL tokens is in sight.

Unlock Token SOL di Oktober

The fall in Solana prices accompanies news of preparations to unlock SOL tokens this October. Reportedly, Solana will unlock up to 524.03 million tokens with a value of $81.56 million. This amount represents 0.11% of Solana's existing supply. 

The unlock value of Solana tokens may seem small compared to the total supply, but Solana's market value will be affected. Moreover, in the same month, there will be many main tokens that will also unlock, such as ADA, ENA, SUI, ZETA, DYDX, MAV, SEI, WLD, NEAR, and AVAX. In fact, the token that will be unlocked in the next 7 days in early October is reportedly worth $735 million.

That way, Solana investors of course have to be alert to the price of Solana which could be affected by the token unlock that will be carried out later.

Conclusion

Information regarding the current decline in Solana prices has been explained above. You can do more in-depth research about Solana, starting from the current Solana price conditions, convert SOL to USD, how to buy Solana, to various news about Solana projects that are being or will be carried out only on the Bitrue website.

About Bitrue

Bitrue is a leading cryptocurrency exchange, offering a wide range of digital assets, innovative features, and user-focused services. Founded with the mission to empower the world’s crypto enthusiasts, Bitrue continues to expand its platform with new products, events, and opportunities for users worldwide.

This press release has also been published on VRITIMES