$SOL We saw a bearish breakout on the daily trend. Although the recent meme coin scams and the supposed reaction of industry stakeholders etc. were used as excuses, I think the main reason for the movement was related to the unlocking of the locked coins left over from the FTX collapse.

First of all, I will share a simple but important analysis so that you can follow the price action and current trend. Before the current price broke the daily trend, it had also broken the Daily EMA 200 downwards and received the first reaction from the order block that brought the previous peak and had not been tested before.

If this block, namely the 155 level, is broken downwards, the decline may deepen to the box below.

The level you can check to see if the internal structure is starting to reverse is currently 178. Above this does not mean that the trend has turned bullish, but it can be interpreted as the first positive signals on the internal structure.

In summary, increases that may occur up to the red box should be considered as a pullback & retest of the daily downward swing movement and biases should not be changed before a daily closing with candle body is seen above this level.

👀 Locked Coins and Unlocks?

FTX's bankruptcy left a large amount of locked SOL, which are being gradually liquidated to repay creditors.

👉 FTX's orderly liquidation process has so far prevented extreme market fluctuations in Solana. However, large unlock events in 2025 remain a key risk for SOL holders.

💥A major unlock event is expected on March 1, 2025, when 11.16 million SOL (~$2 billion 😳) will be released.

These unlock events in 2025 remain a key risk for $SOL holders, and their impact will depend on whether the sales are gradual or immediate. 🥺