Solana [sol]面臨著重大的市場波動

在過去的一個月中，Solana [sol]在市場上已經大大波動。銷售壓力，網絡活動減少以及與FTX相關的清算驅動了這一趨勢。

Solana [SOL] has faced a month of market volatility, driven by selling pressure, declining network activity, and FTX-related liquidations.

Solana [Sol]面臨一個月的市場波動，這是由於銷售壓力，網絡活動減少和與FTX相關的清算的驅動。

This trend has seen the cryptocurrency’s price drop from February highs of $224 to lows of $140, with concerns growing over a $2 billion token unlock and major whale transactions.

這種趨勢已經使加密貨幣的價格從2月的高峰期降至140美元，而擔憂超過了20億美元的令牌解鎖和主要的鯨魚交易。

On the 1st of March token unlock saw 11.2 million SOL enter circulation, valued at between $1.57 billion and $2.03 billion. Unlike standard vesting releases, these tokens originated from the FTX bankruptcy estate, raising fears of immediate liquidation to satisfy creditor claims.

3月1日，令牌解鎖的索爾（Sol）有1,120萬桿進入流通，價值在15.7億至20.3億美元之間。與標準歸屬版本不同，這些代幣源自FTX破產遺產，使人們擔心立即清算以滿足債權人的要求。

This event, combined with large transfers to exchanges, has fueled bearish sentiment in recent weeks.

這項事件加上大量交流，最近幾週助長了看跌的情緒。

Solana, once a top-performing asset in early 2025, has struggled to maintain momentum. Since November 2024, its transfer volume has plummeted by 99%, dropping from $1.99 billion to just $14.57 million. Concerns over ecosystem engagement have grown.

索拉納（Solana）曾經是2025年初表現出色的資產，他一直在努力保持動力。自2024年11月以來，其轉移量下降了99％，從19.9億美元下降到僅1457萬美元。對生態系統參與的擔憂已經增長。

Panic selling or strategic move?

恐慌銷售還是戰略舉動？

Solana’s price has seen a more than 30% drop since mid-February, breaking key support levels that were previously signaling bullish trends.

自2月中旬以來，Solana的價格下降了30％以上，打破了以前表明看漲趨勢的關鍵支持水平。

On the 27th of February, SOL broke below the $168 support level. The next day, it dropped further to $144 following a 2.243 million SOL ($324.62 million) transfer to Coinbase, fueling speculation of large-scale sell-offs.

2月27日，SOL在168美元的支持級別上打破。第二天，隨著224.3萬爾（3.246億美元）轉移到Coinbase，它進一步降至144美元，這加劇了人們對大規模拋售的猜測。

However, Arthur Cheong, founder of DeFiance Capital, confirmed on social media that his firm’s substantial SOL holdings, acquired via an over-the-counter (OTC) deal with Galaxy Digital at a price of $64, were unlocked on the 1st of March.

但是，Defiance Capital的創始人Arthur Cheong在社交媒體上證實，他的公司的大量Sol Holdings是通過與Galaxy Digital的非處方（OTC）交易以64美元的價格獲得的，並於3月1日被解鎖。

“Participated in the SOL OTC deal at $64 via Galaxy and received the bullet unlock today. Not selling a single one of them. I think it will be substantially higher in 3 months.”

“通過Galaxy參加了64美元的SOL OTC交易，並今天收到了子彈解鎖。不出售其中一個。我認為這將在3個月內要高得多。”

Despite this, analysts warn that continued sell-offs from FTX’s estate or institutional investors could push SOL below $125-$130, levels identified by technical analysts as the next potential support zone.

儘管如此，分析師仍警告說，FTX的房地產或機構投資者繼續拋售可能會將SOL推向125至130美元以下，這是技術分析師確定為下一個潛在支持區的水平。

FTX Liquidations: a $2 billion overhang or a market opportunity?

FTX清算：耗資20億美元或市場機會？

A significant portion of Solana’s price action can be attributed to the FTX bankruptcy liquidation process, which has seen millions of SOL being sold to institutional buyers at heavily discounted rates.

索拉納（Solana）價格行動的很大一部分可以歸因於FTX破產清算過程，該過程使數百萬的SOL被以折扣價出售給機構買家。

Galaxy Digital, led by Mike Novogratz, was the largest buyer, acquiring 25.5 million SOL at an average price of $64 per token.

由Mike Novogratz領導的Galaxy Digital是最大的買家，以平均價格為64美元的平均價格收購了2550萬美元。

At current prices near $143, these investors have seen significant gains, but the potential for further selling remains a concern.

這些投資者目前的價格接近143美元，但進一步銷售的潛力仍然是一個問題。

FTX’s bankruptcy proceedings are among the most expensive in U.S. history, with legal fees exceeding $1 billion. Liquidators are under pressure to recover funds for creditors, which could lead to additional SOL sales in the coming months.

FTX的破產程序是美國歷史上最昂貴的訴訟之一，法定費用超過10億美元。清算人承受著為債權人收回資金的壓力，這可能會導致未來幾個月的SOL銷售。

Solana’s on-chain collapse

Solana的鏈崩潰

Beyond price action, Solana’s on-chain activity has seen a dramatic decline. As per Glassnode, transfer volume in February fell to just $14.57 million, a 99% drop from November 2024 levels of $1.99 billion.

除了價格行動之外，索拉納（Solana）的鍊鍊活動急劇下降。根據玻璃節的量，2月的轉移量僅為1457萬美元，比2024年11月的19.9億美元下降了99％。

This trend signals a lack of engagement within the Solana ecosystem, raising concerns over the sustainability of its DeFi and dApp sectors.

這種趨勢表明，在Solana生態系統中缺乏參與，這引起了人們對其Defi和DAPP部門的可持續性的擔憂。

According to DeFi Llama, Total Value Locked (TVL) within Solana’s DeFi ecosystem has also declined, dipping below $9 billion for the first time since November 2024.

根據Defi Llama的說法，Solana的Defi生態系統中的總價值鎖定（TVL）也下降了，自2024年11月以來，首次下跌了90億美元。

According to crypto analytics firm Token Terminal, around $508 million in liquidity has moved to other blockchain ecosystems in February alone, indicating a weakness in Solana’s relative dominance.

根據加密分析公司Token Terminal的數據，僅2月份，大約5.08億美元的流動性已轉移到其他區塊鏈生態系統上，這表明Solana的相對優勢較弱。

Bear market trap or buy-the-dip opportunity?

熊市陷阱還是購買浸入機會？

Solana is now facing a critical inflection point. The market is watching to see if Solana can stabilize. Investors are considering the impact of FTX’s liquidation strategy, upcoming unlocks, and broader crypto market sentiment.

Solana現在面臨著一個關鍵的拐點。市場正在關注索拉納是否可以穩定。投資者正在考慮FTX清算策略，即將解鎖的影響以及更廣泛的加密市場情緒的影響。

While some investors, including major institutional buyers, are holding their positions in anticipation of a potential rebound, the 99% decline in transfer volume and capital outflows from Solana’s ecosystem highlight the ongoing challenges.

儘管一些投資者（包括主要的機構買家）在預期反彈的情況下保持自己的立場，但索拉納生態系統的轉移量和資本外流下降了99％，強調了持續的挑戰。

The next few weeks will be critical in determining whether Solana can stabilize or face further downside pressure. As the dust settles on FTX’s bankruptcy and token unlocks, the true market demand for SOL will come into play.

接下來的幾週對於確定Solana是否可以穩定或面臨進一步的下行壓力至關重要。隨著FTX破產和代幣解鎖的塵埃落定，對SOL的真正市場需求將發揮作用。