Solana (SOL) Jumps 39% From Crash Low, But Is This Rally Sustainable?
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Solana has experienced a sharp 39% rally following a recent crash, rebounding from $110 to $153. Despite the recovery, SOL remains below its $194 level from late July. Market sentiment, which had dipped into fear territory during the crash, appears to be improving but is not yet in the greed zone. Historically, crypto prices often move against majority sentiment, suggesting potential for further gains.
Whale movements could hinder the rally. A Solana whale recently transferred $31.7 million worth of SOL to Coinbase, possibly to sell. Historically, such large transactions precede selling actions. Nevertheless, as long as market disbelief persists, further gains remain possible.
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