Solana has been one of standout performers in cryptocurrency market of late
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While the exact motivations behind the transfer remain unclear, the market will closely monitor Solana's price movements and any further large transactions.Solana rallied strongly from lows of $109.99 on Aug. 5 after eight straight days of falls. The rebound was met with strong buying as Solana's price sharply rose on Aug. 6 and 8, respectively.If Solana sustains above the 50-day SMA at $153, the SOL price could reach the overhead barrier of $189.
On the downside, a break and closure below the daily moving averages 50 and 200, at $153 and $147, may indicate that bears are selling rallies. Solana might eye a drop to $116 if this happens.Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.
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