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SOL, the native cryptocurrency of the Solana blockchain, plunged nearly 2.5% during Thursday’s U.S. stock trading session. Previously, the market value of the S&P 500 index evaporated by US$1.5 trillion, triggering a market correction and putting SOL under pressure. In addition, declining user engagement and derivatives data showing waning interest from cryptocurrency traders have also put additional pressure on Solana’s price. SOL's stock price fell sharply, and the lack of U.S. employment data caused market shocks.Solana's stock price has fallen sharply from $171.8 to the current $134.2 in two weeks, a drop of 22.25%. Affected by this, the market value of its assets plummeted to US$74.8 billion. The decline is likely due to a broader market correction triggered by macroeconomic uncertainty in the United States. The U.S. Bureau of Labor Statistics unexpectedly announced that the October non-farm payrolls report will not be released. This means the Fed will not be able to obtain routine monthly labor market data for analysis before the December Federal Open Market Committee (FOMC) meeting. The next jobs update is expected to come after the FOMC meeting, which will force Fed Chairman Jerome Powell and colleagues to set policy in the absence of the latest hiring and wage data. Market participants quickly downgraded the likelihood of a rate cut in December, with many now expecting either a pause or a cut of up to 25 basis points. Higher interest rates for longer would make non-yielding investments less attractive, triggering a general risk aversion that would lead to lower prices for Bitcoin and other cryptocurrencies.  Since the violent sell-off on October 10 that wiped out more than $800 million in leveraged positions, Solana futures open interest There has been no substantial rebound. According to data provided by Coinglass, open interest still hovered around $7.3 billion as of November 20. Daily price fluctuations remain moderate at only 1-3%, funding rates are close to zero, and the long-short ratio is only slightly above 1:1, indicating a lack of market confidence. SOL's stock price plummeted from US$230 to below US$130 last month. Since then, the market has continued to remain cautious, and the current open interest remains at US$7.3 billion. With leverage at multi-month lows and a lack of ETF inflows, there's still plenty of new money waiting on the sidelines. Solana price pullback challenges multi-year supportSolana share price It fell nearly 2.5% intraday, It is currently trading at $133.60. This pullback was accompanied by a sharp surge in trading volume, indicating that sellers are confident and are expected to promote a continued price pullback. The coin’s price is currently just 4% away from retesting the long-awaited support trendline near $130. Since October 2023, this dynamic support trend line has been an important area for buyers to resume upward momentum. Solana's long-term price uptrend has seen a sharp rebound after prices previously bounced off support levels. Therefore, if buyers continue to hold this bottom, Solana price could trigger a bullish reversal.  Conversely, if the coin breaks below the bottom trendline, sellers will tighten their grip on the asset, driving a long-term price correction and hitting the $100 mark. Brothers, if you feel desperate or confused in the current currency circle, I hope this article of mine can help you! The bull market is still here, and now is the golden period for planning. Scan the QR code below to follow our footsteps and seize the wealth code together, welcome the upcoming bull market, and realize our dream of wealth and freedom together! Group content: 1. Seize the opportunity to build a position in the next three months, lead everyone to transcend social strata, and gain the opportunity to gain wealth! 2. Share the short-term band opportunities and long-term investment strategies of altcoin spot to help you make steady profits! Welcome to chat with me privately → WeChat: sui3786 Alternate: 3073259620, scan the code below!  |
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