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Here’s Why Solana (SOL) Performed So Poorly: Top Analyst Explains
The recent price action of Solana (SOL) has been nothing short of astonishing. In just 24 hours, more than $1.9 trillion in SHIB was burned, a move that many experts are attributing to the impending unlock.
Burniske’s comments suggest that the market psychology is indeed impacted by this event, leading some investors to sell off their holdings in anticipation of potential drops. This trend has led to Solana’s poor performance over the past day.
While there have been concerns about the impact of the token unlock on SOL’s price, Burniske believes that the project will still come out on top. The robust ecosystem and user base expansion could potentially mitigate any negative effects from the token unlock.
In order for a recovery to take place, Solana would need to regain the declining trendline around $225 and gain upward momentum. Until then, caution is advised due to ongoing uncertainty and critical price levels.
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Source: u.today
