Solana (SOL) has taken a hit, falling below $160 for the first time since November 2024.

This price drop wipes out any gains it saw following the Trump election hype.  We are now in the origin of the Trump Election pump for $SOL erasing the entire

Solana (SOL) price has dropped below $160 for the first time since November 2024, erasing any gains it saw following the Trump election hype.

We are now in the origin of the Trump Election pump for $SOL erasing the entire move ahead of the March 1st unlockWhat will you do here? pic.twitter.com/FaflYUz6Mm

Now, technical signals and the upcoming token unlock are adding to the selling pressure on SOL.

Solana (SOL) price has been on a downward spiral lately, falling below the crucial support level of $160 for the first time since November 2024. This price drop comes after a brief rally following the Trump election hype, which saw SOL prices surge to nearly $250.

However, as the dust settles and we approach the highly anticipated March 1st token unlock, let’s analyze the technical signals and explore what traders can expect in the coming days.

Solana (SOL) price hints at a potential rebound from oversold levels

From a technical viewpoint, Solana’s Relative Strength Index (RSI) has slipped into oversold territory. This often suggests that prices might not fall much further. However, a sustained presence in this zone could indicate a potential price rebound.

On the price front, traders are keeping a close watch on the $160 support level. If SOL manages to hold above this level, a bounce back towards $194 could offer some short-term profit-taking opportunities.

On the other hand, if Solana breaks below $144, we could see even bigger losses. Currently, the risk-reward ratio is sitting at 1:2.

Adding to the worry, Solana has a token unlock scheduled for March 1st. These unlocks can flood the market with more tokens, often leading to selling pressure. Historically, token unlocks have made prices jumpy, and everyone’s watching to see how Solana’s supply will react this time.

Despite the gloomy price outlook, some traders speculate that this downturn is planned—a clever tactic by big investors (“whales”) to buy up more Solana before major positive news, like a possible Solana ETF approval.

With big holders selling off and smaller investors hesitating, the next few days are make-or-break for Solana. We’ll soon see if SOL bounces back or keeps falling to lower support levels.