Solana whales are running for cover as storm clouds gather over the cryptocurrency’s price action. With a massive $2.07 billion token release looming on March 1, 2025, big players aren’t taking any chances. They’re placing their bets – and they’re betting things could get ugly.
The numbers tell the story. Block trades worth $32.39 million just crossed on Deribit, making up a whopping 25% of total options activity. That’s the second-highest proportion ever recorded. Guess what? These aren’t optimistic bets. As SOL’s price wobbles near $200, these whales are positioning themselves for what could be a serious downturn. The +DI at 20.9 confirms the market’s uncertain sentiment. Market cap calculations show increased volatility as prices fluctuate across exchanges.
The exodus is already underway. The number of whale addresses holding at least 10,000 SOL has dropped from a January 25 peak of 5,167 to just 5,067. Some big holders aren’t sticking around to find out what happens when 11.2 million tokens flood the market. That’s nearly 60% of SOL’s daily trading volume – talk about a potential market tsunami. The massive washouts in projects like Jupiter and Jito have only intensified the selling pressure.
Technical indicators aren’t painting a pretty picture either. The ADX has plummeted from 31.5 to 13.5, while bearish momentum recently hit a staggering 90% before the latest price bump. SOL’s already slipped below the important $180 mark, dropping 2.34% to $173.68 in just 24 hours. Some analysts are throwing around predictions of a 25% nosedive to $125.
The options market has become a playground for nervous holders. Traders are snatching up put options faster than free pizza at a blockchain conference. They’re using these contracts as insurance policies against what could be an extended price slide. With $4 billion in daily trading volume and a market cap fighting to hold the $100 billion line, there’s a lot at stake.
Market sentiment? Let’s just say some traders have already cashed out completely. The end of “alt season” whispers are getting louder, and with this mega token release approaching, even the most diamond-handed holders are starting to sweat.
