Solana Ticks Up on Weak US Jobs Data

Solana's price rose marginally by 0.27% to $73.83 on August 7, following the release of weak non-farm payrolls (NFP) data from the US Bureau of Labor Statistics (BLS).

The report showed a contraction of 23,000 jobs in July, down from an anticipated addition of 80,000 jobs, causing market-implied probabilities of an interest rate hike to decline.

According to the CME FedWatch Tool, the probability of a 25-basis-point rate increase fell from approximately 54% to 44%, while the probability of holding interest rates steady at the current 3.75% level rose to 56%

While Solana's price remains within a consolidation range that has persisted over recent six months, technical analysis suggests a distinct bearish trajectory.