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Solana below $140: a MONTH OF HELL for SOL
By Davide Grammatica
After a 13.6% drop in 24 hours, Solana reached $138: the monthly performance is -43.5%, and now the question is whether SOL will be able to recover
The collapse of Solana
The performance of Solana in recent weeks is among the worst in the entire crypto universe. Down 13.6% in 24 hours, SOL continues to worsen its situation at the top of a sector that, especially in these hours, is suffering renewed selling pressure.
Since its ATH last January, the token has already lost about 50%, and now investors are wondering if the ecosystem will be able to recover. Before answering, however, we need to analyze the reasons for this collapse.
One of the main reasons is the sell-off by whales (wallets > 10k SOL), whose number decreased between January 25 and February 23, in proportion to the price of SOL. This decline, in turn, was accelerated by the whole Bybit affair, with the hack that, on February 21, caused the compromise of $1.5 billion in assets, causing panic among investors.
The bad news made an already complicated situation worse. Since the beginning of 2025, network activity has decreased significantly, with the number of active addresses down 60% since October 2024. Consequently, user interest has also declined.
SOL's hopes
At this point, it will be interesting to see if SOL has the strength to get back on its feet, or if we’ll have to wait a little longer for the bottom. However, some factors are playing in Solana’s favor, and some investors may base their strategies on these aspects.
Circle, for example, is witnessing an increase in demand for stablecoins on the network, and for this reason it has recently minted 250 million USDC on Solana. The DeFi ecosystem seems to be growing despite everything, and this bodes well.
Optimism is also fueled by the possible arrival of a SOL spot ETF (the one from Franklin Templeton), and it is precisely this institutional interest that could fuel a SOL rally once again, as happened with BTC and ETH.
For SOL to truly recover, it will need to regain $160, so that the token can once again aim for the $184-205 range. On the downside, failure to maintain the support level of $120 could lead to further declines, even testing the psychological level of $100.
