Altcoin
Why Is Solana Price Down 9.3% Today?
Solana price has been showing against the rest of the crypto market dropping another 9.3% today and moving to $166. This happened as Solana-based meme coin LIBRA faces massive pump and dump triggering a massive selloff across all meme coins in this sector. Furthermore, on-chain data reveals a strong drop in the network activity showing that traders are moving away.
Solana Price Under Pressure as Network Activity Plummets
Crypto analyst Ali Martinez has highlighted a significant downturn in activity on the Solana network. According to Martinez, the number of active addresses has plummeted from 18.5 million in November to just 8.4 million as of today—a decline of nearly 55%. This has further led to a negative sentiment around the Solana price action.
Additionally, the total volume transferred on the Solana network has seen a drastic reduction, falling from $2 billion in November to a mere $26 million. The stark drop in both metrics raises concerns about the network’s current adoption and utility, marking a sharp contrast to its previous activity levels, noted Martinez.
SOL Action Moving Ahead
Since the beginning of 2025, Solana has been in the grip of bears shedding more than $80 since its peak in January last month. Crypto market analyst IncomeSharks traders have mistaken the Solana price action as bullish consolidation instead it represents a “blow off top with a massive bear div showing momentum stalling.”
The current price action places SOL at levels last seen in early January, effectively erasing gains made during the year’s opening rally. With the SOL price losing the crucial support of $175, it could correct further down to $160 level. Any positive development around the spot Solana ETF approval could serve as a catalyst ahead.
As of press time, the SOL price is trading 9.28% down at $166.99 with daily trading volumes surging by 75% to $4.58 billion. Furthermore, the Coinglass data shows that SOL futures open interest have dropped 2.5% to $5.79 billion while the 24-hour liquidations have surged to $32.94 million of which $28.9 million is in long liquidation.
Negative Sentiment Around SOL Unlocking Peaks
Market analysts have been advising investors to stay away from Solana (SOL) for a while amid the token unlocking coming on March 1. Solana is set to see a significant increase in its circulating supply over the next three months (February, March, and April). With a current token inflation rate of 4.715%, more than 15 million SOL tokens—valued at over $7 billion—are expected to enter the market during this period. This could keep Solana price under pressure moving ahead.
Crypto trader RunnerXBT has cautioned that this is a “dangerous” time to invest in Solana. Referring to the upcoming token unlock event, the trader pointed out that firms such as Galaxy, Pantera, and Figure stand to secure unrealized gains of $3 billion, $1 billion, and $150 million, respectively, once the SOL unlock takes place.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The Sui token is currently making significant rebound, outperforming top cryptocurrencies including Bitcoin, Ethereum, and XRP. While these assets are exhibiting modest gains in line with the broader market trend, the Sui price is making impressive strides, surging over 7% in a single day. This significant uptick has sparked optimism, with market analysts and experts remaining bullish on the altcoin’s potential to reach new all-time highs.
Sui Price Breaks Past Crucial Resistance, Eyes $8
Notably, Sui’s current bullish trend significantly influences traders and analysts. While traders demonstrate this optimistic view via increasing market activity, analysts express their positive predictions. For instance, market expert CryptoBullet forecasted the Sui price’s surge to a new all time-high of $8.9 in an X post.
In a one-day chart, CryptoBullet highlighted SUI’s prevailing consolidation below 0.618 Fibonacci level. Significantly, SUI has touched twice the same price level within months. Driven by past trends, CryptoBullet remains confident that the Sui price could hit new ATH breaking past this consolidation.
Increasing Daily Active Addresses: How It Impacts Token Price?
According to investor Momin, SUI looks primed for higher highs triggered by increasing daily active addresses. Reportedly, the daily active wallets hit a record high of 1.2 million, paving the way for a massive breakout in the Sui price. Acknowledging the platform’s growth, the trader wrote, “Sui Network is undeniably one of the fastest-growing chains fundamentally!”
Another trader Giannis Andreou underscored the substantial surge in Sui’s daily active wallets. Currently marked at 1,253,935, the daily active addresses increased by a staggering 135.89% over the last seven days.
Meanwhile, Quinten Francois, a prominent crypto voice on X, wrote, “SUI active addresses are exploding.” The substantial surge in Sui’s price, coupled with a growing user base, has garnered significant attention, especially considering the token’s recent 36% downturn.
Sui Price Regains Positive Momentum: Will It Sustain?
At press time, Sui is trading at $3.55, marking a significant increase of 7.9% over the last seven days. However, over the last week and month, the token has seen massive declines of 4.3% and 24.3%, respectively.
Celebrating SUI’s current positive track, traders are actively engaging in market activity. The token’s 24-hour trading has seen a notable uptick of 15.44%, reaching $1.03 billion. Furthermore, SUI has achieved a milestone of over 8.5 billion total transactions, marking a notable 10.37% increase over the past 30 days. With a market cap of $10.67 billion, Sui has secured 12th spot on CoinMarketCap.
Although analysts see a massive surge ahead, it needs to be seen if SUI will sustain the current momentum and gain new highs.
Nynu V Jamal
Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The latest Dogecoin whale data rattled the crypto market on Friday, flagging massive accumulations amid the meme coin’s recent price dip. Renowned market analyst Ali Martinez revealed that whales bought a whopping 110 million DOGE tokens in the last 48 hours. As a response, market participants eagerly await a bullish price breakout ahead, with top analysts further projecting optimism over future price movements due to strong market technicals.
Dogecoin Whales Scoop Up Heavily Near $0.25 Price Level
In an X post shared by analyst Ali Martinez on February 21, it can be seen that Dogecoin whales bought 110 million tokens in the past two days. These accumulations occurred as the meme coin hovered around the $0.25 price level.
In turn, this mark remains extensively gauged by market participants as it could carve out a vital support level ahead. Another report by CoinGape previously revealed that DOGE whales did not sell massive amounts when the coin moved around $0.25. The upshot remains that investors eye considerable gains for the dog-themed meme coin ahead as whale data reflects strong market support.
Why Are Whales Accumulating?
Meanwhile, the current hot buzz for the dog-themed meme coin remains rising odds of an ETF approval. CoinGape reported last week that the U.S. SEC acknowledged Grayscale’s 19-b filing for Dogecoin ETF. This news appears to have substantially uplifted whale sentiment for the asset, given that an approval ahead could provide significant money influx to the token and fuel a price upswing.
However, Dogecoin price tanked nearly 6% over the week, which appears to have ushered in a ‘buy-the-dip’ sentiment among whales amid the ETF advancements.
Is DOGE Price Breakout On The Horizon? Top Analysts Bullish
DOGE price has mainly shown signs of consolidation in recent days, trading up nearly 1% intraday to $0.2564. The meme coin hit a bottom and peak of $0.2505 and $0.2576 in the past 24 hours. Notably, it’s worth mentioning that the coin’s broader time frame volatility is primarily attributable to the crypto market’s turbulent trend.
However, market analysts have projected a bullish outlook ahead, sparking market optimism in tandem with rising Dogecoin whale buying. Analyst ‘Trader Tardigrade’ recently took to X, revealing that the coin’s price chart shows a ‘symmetrical triangle’ pattern. This metric indicates that the token is consolidating whilst a breakout awaits.
Given the massive whale buying, the chances of the analyst’s projection getting true gained substantial weight. Also, another renowned trader, ‘Altcoin Scholar,’ revealed on X that the $0.22 price level remains a strong support zone for the meme coin. A sustained break above this level solidifies the chances of further gains.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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