The price of Solana (SOL), the cryptocurrency powering the Solana blockchain, has taken a significant hit recently. This comes as Binance, one of the largest cryptocurrency exchanges, announced it’s selling off all its Solana holdings. Crypto enthusiast website Crypto Beast reported this news on Twitter and fueled market volatility. 📈 The price dropped over 8% in the past 24 hours, currently hovering around $143. This decline is accompanied by a 130% surge in trading volume, indicating increased activity from traders and investors amid the uncertainty. While high trading volumes are not always a bullish or bearish signal, this particular situation has sparked negative sentiment due to significant price drops and high liquidation events. 📉 The price drop can be partially attributed to an upcoming release of $1.7 billion worth of SOL tokens scheduled for March 1, 2025. This event adds to the already bearish trend observed in recent days as Solana has lost over 45% of its value in the past 30 days and is approaching a crucial support level at $130 which has historically shown buy pressure and price reversals. Technical analysis suggests that if SOL fails to hold this support level and closes below $120, it could plunge by another 35%, potentially reaching a new support level of $75 in the future. Despite this bearish outlook, there’s still an outflow of nearly $200 million worth of SOL from exchanges over the past 48 hours. This indicates potential accumulation and buying pressure in the future, but given current market sentiment, it remains unclear if a rally will occur.