Despite ongoing concerns about FTX’s planned liquidation of over $1 billion in Solana (SOL) tokens, which amount to roughly 16% of the cryptocurrency’s overall token supply, SOL has mustered a rally of more than 3% on Thursday. In light of the near 10% rally from earlier weekly lows, traders are asking whether the Solana sell-off might now be over. Solana has been in a downtrend since hitting highs for the year back in July above $31 per token. If the cryptocurrency is able to break to the north of these resistance levels, the door would be opened for a retest of the 100 and 200DMAs around $21 and a key medium-term zone.
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