Solana rallies 16% after SOL RSI drops to 2023 low: Was that the bottom?
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Solana price may have bottomed at $125, but large SOL token locks starting on March 1 will be the deciding factor.
Solana (SOL) price dropped to a 2025 low at $125 on Feb. 28. However, the altcoin entered a 16% relief rally after the Chicago Mercantile Exchange (CME) announced the launch of Solana futures on March 17. The futures product now awaits regulatory approval from the Commodity Futures Trading Commission (CFTC).
Based on the data, SOL is expected to witness some form of downward pressure for the short term after March 1. Jeremy, a crypto trader, predicted another lower low is on the cards for the altcoin, where Solana may form a bottom around $110-$120. However, the trader remained open to the scenario of $125 being a strong support level.
Related: Bitcoin price bounces 5% as analyst sees crypto slump end in March
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