Why is Solana (SOL) price up today?
Solana price is up today, recovering from a brutal crypto market sell-off led by US recession fears and Japanese market turmoil.
Solana's. (∆ $138) price pared a good portion of its losses following a sharp sell-off on Aug. 5 that many dubbed as Black Monday. As of Aug. 6, SOL’s price has rebounded to just over $144, marking a 31% increase from its local low from a day prior.
The recovery aligns with increases in the broader crypto and global stock markets, driven by positive data from the United States service sector and higher rate cut chances in September.
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