Solana Plunges 15% Within Hours, Traders Speculate Sell-Off From Binance, Kraken

The price of Solana, the world's sixth-largest cryptocurrency by market cap, plummeted more than 15% on Monday, sinking to around $140.90

The price of Solana (CRYPTO: SOL), the world's sixth-largest cryptocurrency by market cap, plunged more than 15% on Monday, sinking to around $140.90, as per data from CoinMarketCap. This marks Solana's lowest price point in weeks.

The drop comes amid broader market turbulence, with crypto liquidations surpassing $822 million in the last 24 hours, according to data from CoinGlass.

Solana's trading activity reached $6.5 billion in the past day, as the crypto market saw the liquidation of over 280,000 investors. The largest liquidation occurred on the BitMEX trading platform, where a $10 million XBTUSD order was erased.

Multiple factors may be contributing to Solana's drop, including rumors of a sell-off from leading crypto exchanges like Binance and Kraken. In the last 24 hours, Binance, the world's largest crypto exchange, has reportedly sold approximately $15.6 million in Solana tokens via crypto market maker Wintermute.

The selling pressure has intensified ever since Argentine president Javier Milei became embroiled in a crypto scandal over the memecoin LIBRA, which has sparked calls for Milei's impeachment. Memecoins have tanked broadly in the wake of the news in Argentina, leading to concerns that Solana could drop to a price of around $100 in the short-term.

Solana Plunges 15% Within Hours, Traders Speculate Sell-Off From Binance, Kraken

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Adding to the bearish sentiment, the upcoming SOL token unlock on March 1 will inject over 11 million tokens — currently valued at over $1.5 billion — into the market, ramping up selling pressure.

Solana maintains a market cap of $70.6 billion, but the cryptocurrency has seen a decline of over 35% in the past month.

Meanwhile, the price of Bitcoin has fallen to around $92,655, while Ether has dropped to $2,525 at the time of writing.