Solana Prices Drop Amid Macro Pressure and Technical Rejection
Solana's price has dropped by about 3% over the last 17 hours due to macro-driven risk-off sentiment in the crypto market. The entire crypto market has experienced a selloff, with major cryptocurrencies such as Bitcoin and Ethereum also down by 1-5%. This is largely attributed to rising US Treasury yields and Brent crude prices above $100 per barrel, stoking fears of higher inflation and interest rates.
In addition to the macro move, there are Solana-specific factors contributing to the decline. Recent data shows that on September 8, Solana ETF products saw around $668,000 of net outflows, indicating waning short-term appetite for SOL exposure via structured products. However, Bitwise has bought about $107 million of SOL over the past 20 trading sessions and now holds more than 9 million SOL, providing a medium-term demand floor.
A governance battle at SkyAI, a public company that holds a significant amount of SOL, is also contributing to the decline. Activist shareholders are challenging the board over related-party transactions and anti-takeover measures, which could potentially lead to corporate control changes or balance sheet strategies being revised.