Solana (SOL) hit a sell wall at $110 and has been progressively retreating since then, as expectations concerning interest rates shifted in the past few days.
Following the Federal Reserve's Jackson Hole summit last week, ***** ysts revisited their projections for interest rate decisions for September, upping their odds of a 25 basis point rate hike from 36% to 66%.
This prompted a wave of selling that has pushed SOL down to the $100 psychological threshold. However, the token could keep dropping, as this price zone has not yet proven to be a contested level.
Trading volumes have been dropping in the past few days, heading down to $3 billion after temporarily hitting $8 billion on August 21.
This indicates that investors' interest in the token at this level is still weak. This could set the stage for a sustained decline to lower areas where a higher volume of buy orders may be sitting.
#down
Following the Federal Reserve's Jackson Hole summit last week, ***** ysts revisited their projections for interest rate decisions for September, upping their odds of a 25 basis point rate hike from 36% to 66%.
This prompted a wave of selling that has pushed SOL down to the $100 psychological threshold. However, the token could keep dropping, as this price zone has not yet proven to be a contested level.
Trading volumes have been dropping in the past few days, heading down to $3 billion after temporarily hitting $8 billion on August 21.
This indicates that investors' interest in the token at this level is still weak. This could set the stage for a sustained decline to lower areas where a higher volume of buy orders may be sitting.
#down
4 days ago
