Surprisingly, $SOL reacts with price growth ahead of the $ETH unlock, while $ADA is falling behind
, the world's second largest cryptocurrency, is bracing for a potentially significant price reaction as the highly anticipated Shanghai update draws nearer. This update comes at a time when the volatility of Ethereum is gradually decreasing, and a massive $34 billion worth of Ether is set to be unlocked from staking contracts. The impact of these two events on Ethereum's price performance remains uncertain, and market participants are closely watching for any signs of movement.
Simultaneously, the $34 billion unlock from staking contracts is set to occur, providing validators with the opportunity to withdraw their staked Ether. This massive influx of available One possible explanation for Cardano's reversal is the presence of strong selling pressure at higher price levels. As ADA approached the 200-day moving average, some investors might have taken profits, leading to a pullback in prices. Additionally, traders who entered short positions during the downtrend might be closing their positions, resulting in increased selling pressure.
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