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The unlocking of 2 billion US dollars of Solana is coming soon - is it time to sell or short SOL?
Solana (SOL) is facing a major test! On March 1st, 11.2 million SOL tokens will be unlocked, worth over $2 billion. Is the market ready to face this wave of selling pressure?
Currently, Solana is under increasing pressure due to the LIBRA memecoin scandal, and the imminent large-scale unlocking is exacerbating market instability. Analysts warn that with a large influx of SOL into the market, selling pressure will increase significantly. In particular, institutions such as Galaxy and Pantera will realize substantial unrealized gains and may choose to sell or short.
Despite Kelly Greer's defense of the unlock, claiming it accounts for a small proportion of the total supply, the market's reaction is still significant. The price of SOL has dropped by 30%, and technical analysis indicates that once it breaks below the support level, the price may further decline to the range of $155-168.
So, now is it time to buy, sell, or short? The market has entered a highly uncertain phase, and investors need to handle it with caution!#Cryptoobservers