Solana Price Tanks Ahead of Senate Clarity Act Vote
Solana (SOL) price dropped 3.37% to $96.97 as the U.S. Senate prepared to vote on the Clarity Act, a legislation that could determine whether Solana and similar cryptocurrencies are classified as digital commodities under SEC and CFTC oversight.
The vote needs at least seven cross-party supporters to advance, requiring 60 Senate votes. With SOL slipping below the key $100 support level, traders pulled back ahead of the vote.
Technical analyst Anton Kharitonov from Traders Union described SOL as 'technically weak,' with bearish momentum dominating. He stated: 'Until SOL breaks above $100.32 and legislative clarity is confirmed, I remain defensive and uninterested in upside exposure.'
The expected near-term trading range is $92.51 to $101.43. A break below $92.51 could accelerate selling pressure, while a close above $100.32 would be needed to signal any bullish reversal.