Solana Price Tumbles Amid Geopolitical Tensions and Fed Uncertainty

Solana's price has been under pressure due to external factors such as the renewed military escalation between the United States and Iran, which has led to rising geopolitical tensions and weakened demand for cryptocurrencies. The Federal Reserve's upcoming decision is also expected to create additional volatility in the market, with a 70% probability of keeping rates unchanged and a 30% probability of a 25-basis-point increase.

The Solana network continues to develop, with an upgrade that increases available capacity by roughly 66% and provides additional headroom for trading and payment activity. However, this factor is not yet sufficient to support a sustained recovery against the backdrop of geopolitical escalation and weak price action.

Traders are watching the price's ability to reclaim $74.60, which would determine whether a recovery remains possible or the price continues falling towards $70. The $77, $77.50 zone remains the main resistance area for Solana's price.