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Is Solana's (SOL) Massive Rally Shallow? Memes Might Cause Problem for It: Crypto Market Review, Dec. 4

  • 📰 Utoday_en
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Market could be bringing us recovery signals with the most recent rally on $SOL, $LDO and $ADA, but the context is extremely important

continues: after an extremely depressing December, markets have finally found their wave and are currently moving upward. However, it is too early to celebrate a market-wide recovery, as one could result from a correction within the prolonged downtrend.The most recent price spike of Solana was the last thing the majority of investors was expecting, according to various sentiment indicators and metrics. The reason behind it is the previous performance of the assets on the market.

At press time, Solana is trading at $13 with a 37% price increase in the last three days. SOL reached the local bottom on Dec. 29, when the price of what used to be an"Ethereum killer" plunged to $8.Unexpectedly, one of the strongest performers at the beginning of 2023 was Cardano and its underlying coin, ADA. The decent spike in the price momentum has not been fueled by any major releases on the network or events that would have pushed ADA's price to new highs.

 

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