Solana worth plunged 4% on Sunday February 22, buying and selling as little as $167 as a number of bearish catalysts from the Bybit hack and impending SOL outflows from FTX Property diluting provide.
Solana Beneath Strain as Bybit Hacker Launders Stolen Funds By Pump.Enjoyable Memecoins
Solana (SOL) skilled one other wave of steep losses on Sunday regardless of early restoration tailwinds throughout the crypto market. Notably, high altcoins like Ethereum, and Tron (TRX) erased appreciable parts of losses booked within the aftermath of the Bybit crash on Friday, whereas Solana worth has plunged even additional.
The chart under reveals how Solana worth declined by 4% throughout the every day timeframe, buying and selling at $167 decrease that the $170 backside recorded throughout the preliminary crash on Friday.
The most recent SOL price stoop has been linked to reviews that hackers linked to the $1.4 billion Bybit hack are utilizing the solana’ memecoin launchpad Pump.Enjoyable platform to launder the funds stolen from ByBit.
Citing official information from Solana blockchain explorer Solscan, Blockchain analytics platform WuBlockchain alerted market watchers to a series of transactions linked to the stolen funds.
Based on Solana blockchain explorer Solscan, blockchain analytics platform WuBlockchain recognized suspicious transactions tied to the stolen belongings:
“Bybit exploiter is laundering cash by issuing memecoins on Pump.Enjoyable. The Bybit exploiter (5STkQy…95T7Cq) transferred 60 SOL to 9Gu8v6…aAdqWS, who then launched a token known as QinShihuang (500,000), which has traded over $26 million.”
This transfer may successfully nullify the potential for a rollback, an consequence which has propelled Ethereum price by 8% because it reclaimed the $2,800 territory on the time of writing.
Nevertheless, it sparked damaging sentiment for the Solana community, as key opinion leaders started to berate the blockchain for a second main hyperlink to an high-profile exploit, per week after controversy broke out round Argentina President Javier Milei’s involvement with the LIBRA memecoin rug-pull.
“Solana is getting used to launder stolen funds from Bybit. No must beg for rollback, it has at all times been a wash chain.”
– CardanoHumpback, Feb 22, 2025
$2 Billion FTX Unlock May Compound Solana’s Quick-Time period Woes
With SOL now buying and selling under its earlier native backside, issues are mounting over additional draw back danger. Including to the bearish outlook is the continued reimbursement course of for victims of the collapsed FTX change.
Based on Bitget, over $800 million in funds have been distributed to 160,000 buyer accounts beginning February 18. Bitcoin researcher PeddyXBT has identified that a further 11.2 million SOL (roughly $2.03 billion) is due for distribution on March 1, lower than per week away.
Whereas he famous that over-the-counter (OTC) gross sales may mitigate fast promoting strain, the 4% decline in SOL worth on Sunday suggests majority of merchants are exercising warning.
In abstract, Solana’s Pump.Enjoyable getting used to launder Bybit hack funds—mere days earlier than the $2 billion FTX asset unlock—may immediate strategic traders to cut back their SOL publicity. If promoting strain intensifies, additional declines could also be on the horizon within the coming buying and selling periods.
Solana Worth Forecast: $150 Breakdown Probably if Bearish Dangers Crystalize
Solana price forecast charts suggests additional draw back as bearish alerts mount, with SOL buying and selling at $168.08 after a 4% weekly decline. The every day chart reveals worth motion constrained under the midline of the Bollinger Bands at $185.89, reflecting ongoing promoting strain. SOL stays pinned beneath the 50-day shifting common at $185, reinforcing the bearish outlook so long as it struggles to reclaim this degree. Buying and selling quantity at 1.44K suggests weakening market participation, limiting upside potential.
The Bull-Bear Energy (BBP) indicator at -21.90 alerts a agency grip by bears, extending a chronic damaging momentum streak. If this strain continues, SOL may break under the decrease Bollinger Band at $160.58, paving the way in which for a retest of psychological help at $150. A confirmed breakdown under this threshold may set off an prolonged decline towards the following demand zone close to $135.
Conversely, a decisive bounce off present ranges, backed by elevated shopping for quantity, may see SOL reclaim $170. A transfer previous the $185 resistance would invalidate fast bearish projections and open the door to a possible restoration towards $211. Nevertheless, and not using a shift in buying and selling quantity dynamics, bearish dangers stay dominant.
Incessantly Requested Questions (FAQs)
Solana’s worth is beneath strain as a result of Bybit hacker laundering funds by way of Pump.Enjoyable and an impending $2B FTX SOL unlock.
Key help lies at $160 and $150. A break under may set off a drop to $135, whereas resistance stays at $170 and $185.
A rebound above $170 with robust quantity may push SOL towards $185, however weak market participation retains bearish dangers elevated
ibrahim
Disclaimer: The offered content material could embody the non-public opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any accountability in your private monetary loss.
