Solana Price Dives Near $100 as Crypto Market Declines
Solana's price has been steadily declining over the past few days, dropping from $102.93 on September 8 to near $100 currently. This decline is part of a broader trend in the crypto market, with total market capitalization shedding 4.27% over 24 hours and roughly $386 million of leveraged positions being liquidated.
The Solana price has been anchored by a cluster of holders who accumulated SOL near $103, making it the largest cost-basis cluster on the chart and functioning as support through every pullback since the August breakout. However, if this level is breached, the token could face significant downside pressure, with potential targets including $98.79, $94.40, $89.26 to $90.00, $84, $82.19, $72, and even a 52-week low of $60.20.
The token's price action is also influenced by its macro driver, which is the same one setting every risk asset price this week, August producer prices came in at 5.4% annually against a 5.3% forecast, pushing the 10-year Treasury yield up and increasing odds of a Federal Reserve hike.