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Title: XRP Fights for Survival Right Now, Shiba Inu (SHIB) Lost It, Will Solana (SOL) Finally Bounce?
XRP is currently fighting for survival as the cryptocurrency struggles to maintain its price amid a bearish market. This comes after Shiba Inu (SHIB) lost significant value in recent days, leaving investors wondering if Solana (SOL) will follow suit and finally bounce back.
The market has been fueled by anxiety over the March token unlock event, which has been priced in as a bearish trigger. The confidence of investors is being impacted by the $2.63 billion unlock event that is scheduled for March 1. Over the past month, SOL has underperformed due to worries about excess supply as 11.2 million SOL (2.35% of circulating supply) is expected to hit the market.
Despite Chris Burniske and other analysts arguing that the market has already priced in this event, people are still wary. Bulls must recover $230 and hold above it for Solana to rebound. If successful, SOL could target $250-$260 in the near future. However, a decline to the $194-$200 range might occur if the 50 EMA support is not maintained.
The author, Arman Shirinyan, is a trader, crypto enthusiast, and SMM expert with more than four years of experience. He emphasizes that he focuses on news, articles with deep analysis of crypto projects, and technical analysis of cryptocurrency trading pairs.
Source: u.today
