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Title: XRP Fights for Survival Right Now, Shiba Inu (SHIB) Lost It, Will Solana (SOL) Finally Bounce?
In the crypto market, it’s not uncommon to see a few assets struggle while others take center stage. Unfortunately, Shiba Inu (SHIB) has been one of those losing streaks in recent times. As it appears that SHIB will continue to battle, we’re looking at another coin that could be on the verge of bouncing back – Solana (SOL).
As reported by U.Today, Solana’s price is under pressure as the unlock event for $2.63 billion has caused concern among investors. The recent bearish trend in SOL has been quite worrying, and it’s essential to analyze this situation further.
According to Arman Shirinyan, a trader and crypto expert, SOL needs to recover above $230 to turn things around. This is crucial as the asset is now struggling under the weight of a significant unlock event that could cause prices to tumble even more drastically.
It seems like investors are getting spooked by the looming supply increase in the Solana network, which might lead to further losses in the short term. However, Chris Burniske thinks this bearish trigger has been priced in already and investors should hold their breath for any potential bounceback from here.
In his analysis of SOL’s price action, Shirinyan warned that if SOL cannot manage to stay above $230, it could potentially decline further to the area around $194-$200.
Source: u.today
