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Title: XRP Fights for Survival Right Now, Shiba Inu (SHIB) Lost It, Will Solana (SOL) Finally Bounce?
The cryptocurrency market is on the verge of a critical event that could either revive or crush investor confidence. The upcoming March token unlock event in Solana (SOL) has been priced in as a bearish trigger by many analysts. As a result, SOL’s price has been under pressure lately.
This $2.63 billion unlock event, scheduled for March 1st, is expected to inject excess supply into the market, which could lead to a negative impact on SOL’s value. The uncertainty surrounding this event has already caused significant stress in the cryptocurrency community. Many investors are still reeling from recent losses in Shiba Inu (SHIB), which recently experienced a drastic price correction.
It’s essential to remember that Chris Burniske and other experts have suggested that the market has largely factored in these unlock events, meaning any potential downside may already be priced in. However, fear and uncertainty remain prevalent among traders. Bulls will need to push SOL above $230 and maintain it for any chance of a rebound. If successful, Solana might be able to target $250-$260 in the near future.
On the flip side, if the 50 EMA support fails, we could see a decline to $194-$200 or even lower. The upcoming March event is crucial in determining SOL’s short-term trajectory.
Source: u.today
