Solana [sol]面临着重大的市场波动

在过去的一个月中，Solana [sol]在市场上已经大大波动。销售压力，网络活动减少以及与FTX相关的清算驱动了这一趋势。

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

Solana [Sol]面临一个月的市场波动，这是由于销售压力，网络活动减少和与FTX相关的清算的驱动。

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.

这种趋势已经使加密货币的价格从2月的高峰期降至140美元，而担忧超过了20亿美元的令牌解锁和主要的鲸鱼交易。

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，令牌解锁的索尔（Sol）有1,120万杆进入流通，价值在15.7亿至20.3亿美元之间。与标准归属版本不同，这些代币源自FTX破产遗产，使人们担心立即清算以满足债权人的要求。

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

这项事件加上大量交流，最近几周助长了看跌的情绪。

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.

索拉纳（Solana）曾经是2025年初表现出色的资产，他一直在努力保持动力。自2024年11月以来，其转移量下降了99％，从19.9亿美元下降到仅1457万美元。对生态系统参与的担忧已经增长。

Panic selling or strategic move?

恐慌销售还是战略举动？

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月中旬以来，Solana的价格下降了30％以上，打破了以前表明看涨趋势的关键支持水平。

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美元的支持级别上打破。第二天，随着224.3万尔（3.246亿美元）转移到Coinbase，它进一步降至144美元，这加剧了人们对大规模抛售的猜测。

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的创始人Arthur Cheong在社交媒体上证实，他的公司的大量Sol Holdings是通过与Galaxy Digital的非处方（OTC）交易以64美元的价格获得的，并于3月1日被解锁。

“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.”

“通过Galaxy参加了64美元的SOL OTC交易，并今天收到了子弹解锁。不出售其中一个。我认为这将在3个月内要高得多。”

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.

尽管如此，分析师仍警告说，FTX的房地产或机构投资者继续抛售可能会将SOL推向125至130美元以下，这是技术分析师确定为下一个潜在支持区的水平。

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

FTX清算：耗资20亿美元或市场机会？

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.

索拉纳（Solana）价格行动的很大一部分可以归因于FTX破产清算过程，该过程使数百万的SOL被以折扣价出售给机构买家。

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领导的Galaxy Digital是最大的买家，以平均价格为64美元的平均价格收购了2550万美元。

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

这些投资者目前的价格接近143美元，但进一步销售的潜力仍然是一个问题。

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的破产程序是美国历史上最昂贵的诉讼之一，法定费用超过10亿美元。清算人承受着为债权人收回资金的压力，这可能会导致未来几个月的SOL销售。

Solana’s on-chain collapse

Solana的链崩溃

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.

除了价格行动之外，索拉纳（Solana）的链链活动急剧下降。根据玻璃节的量，2月的转移量仅为1457万美元，比2024年11月的19.9亿美元下降了99％。

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

这种趋势表明，在Solana生态系统中缺乏参与，这引起了人们对其Defi和DAPP部门的可持续性的担忧。

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.

根据Defi Llama的说法，Solana的Defi生态系统中的总价值锁定（TVL）也下降了，自2024年11月以来，首次下跌了90亿美元。

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.

根据加密分析公司Token Terminal的数据，仅2月份，大约5.08亿美元的流动性已转移到其他区块链生态系统上，这表明Solana的相对优势较弱。

Bear market trap or buy-the-dip opportunity?

熊市陷阱还是购买浸入机会？

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现在面临着一个关键的拐点。市场正在关注索拉纳是否可以稳定。投资者正在考虑FTX清算策略，即将解锁的影响以及更广泛的加密市场情绪的影响。

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.

尽管一些投资者（包括主要的机构买家）在预期反弹的情况下保持自己的立场，但索拉纳生态系统的转移量和资本外流下降了99％，强调了持续的挑战。

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.

接下来的几周对于确定Solana是否可以稳定或面临进一步的下行压力至关重要。随着FTX破产和代币解锁的尘埃落定，对SOL的真正市场需求将发挥作用。