Why is Solana Up? When Will the Uptrend End?
Solana registered notable gains in the last 24 hours. The altcoin is the top gainer in the top 40s due to the same reason.
SOL was off to a good start on July 6 as Bitcoin led market recovery. It started trading at $129 but surged after a brief decline. It soon slowly climbed, reclaiming lost levels. It attempted $150 but failed to flip it as it faced strong selling congestion around $149. Currently trading at $145, the bulls are struggling to keep the accumulated gains.
What Caused the Surge?
Solana gained a whopping 11% on Tuesday on several news reports. One such is the announcement of buybacks across several traditional stocks. Some analysts claimed the selloff was to shake off retail traders from the market. An unconfirmed report stated that the large holders or whales spent a whopping $14 billion buying back stocks the weak hands let dumped.
The action by the large players points to the easing of the fear of recession that caused the massive downtrends. Some US government agencies are aggressively fighting the impending recession with notable success. The Federal Reserve is also looking to cut rates in the coming months, adding to buyers confidence.
The post Why is Solana Up? When Will the Uptrend End? first appeared on Cointab.
