Can Solana Bounce Back after Major $590 Million Sell-Off?

Solana’s price experienced a sharp downturn of over $590 million, triggering widespread liquidations across the crypto market. Despite this, the SOL token demonstrated notable resilience, maintaining its position near $182 after a 1.97% drop in the past day and a significant 22% decrease over the last week. Analysts suggest that if broader market conditions stabilize, Solana could see a temporary price rebound. This is fueled by factors such as expanding DeFi applications and increasing institutional investments.