Solana is a layer-1 blockchain with a staggering ownership by VCs and insiders of 48%. There are very large blocks of 0.5-3.5million tokens per trade dropping on FTX lately. This means that insiders are selling SOL for USDC or Bitcoin at a fast pace during this correction. I have set a target at $105 for the primary wave C (as shown in magenta), which corresponds to the secondary wave 2 of the extended primary wave 5. It could even go as low as $85 in the upcoming days.
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