Solana (SOL) Price Drops as the Project Prepares to Unlock 524 Million Tokens This October

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

Solana (SOL) is preparing to unlock a large number of tokens, with more than 524 million tokens set to be released. This news has sparked concerns among SOL investors, especially considering the bearish conditions in the cryptocurrency market.

As of press time, Solana is trading at $148.45, showing a decrease of -5.31% in the last 24 hours. SOL reached a high of $157.32 and a low of $144.33 during this time frame.

This price performance is also concerning considering how well SOL performed in Q3. Early August saw SOL trading as high as $193, and by early September, Solana also experienced an increase of up to 25%. This rate of increase far surpasses BTC and ETH.

Several Solana indicators also show less than ideal conditions, which could be impacting the price decrease. For example, the RSI indicator is currently at 40, indicating that Solana is experiencing greater selling than buying pressure. If this RSI number drops any further, it will indicate that the SOL token is experiencing overselling.

Solana’s MACD indicator has also fallen below the cut line, with the two lines spaced quite far apart. These conditions are signaling a bearish trend for the SOL token.

Solana’s price decrease also accompanies news of preparations to unlock SOL tokens in October. Reportedly, Solana will unlock up to 524.03 million tokens, valued at $81.56 million. This amount represents 0.11% of Solana’s existing supply.

The unlock value for Solana tokens may seem small in comparison to the total supply, but it will factor into Solana’s market value. Furthermore, many major tokens are set to unlock in the same month, including ADA, ENA, SUI, ZETA, DYDX, MAV, SEI, WLD, NEAR, and AVAX. In fact, the tokens set to unlock within the next 7 days in early October are reportedly valued at $735 million.

As a result, Solana investors will need to be vigilant about how the token unlocks will affect the price of Solana.

You can conduct more in-depth research about Solana, ranging from the current state of the Solana price, how to convert SOL to USD, how to buy Solana, and news about upcoming or ongoing Solana projects, all on the Bitrue website.

About BitrueBitrue 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.

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