Compared to ADA and ETH, SOL has shown better signs of strength. But the token, and its ecosystem, may need to do more.
In his tweet, the analyst compared this scenario to the last bull market, when insiders dumped the token around $30 – $40. When this happens, it simply means that the demand zone has now become an area of selling interest.
Despite the possibility of a further downtrend, Coutts mentioned that SOL has shown signs of strength, especially against. One instance he referred to was the period when the SEC labeled SOL as an unregistered security.
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