Solana trades near $97 as technical support at $94.40 faces a critical test amid waning institutional demand and macroeconomic headwinds.
Solana is the primary asset, down 3.5% to $97 with key support at $94.40 and resistance at $100, with ETF inflows collapsing and Alpenglow catalyst ahead.
VIX up 20% to 17.10 signals increased market sensitivity to risk ahead of the Fed decision.
Oil surging from $85 to $97 is cited as a factor putting pressure on Solana, indicating rising inflation and risk-off sentiment.
Solana (SOL) faces mounting pressure as ETF inflows plummet 96% to $6 million, coinciding with a broader market retreat driven by surging oil prices and rising Treasury yields. With the VIX climbing 20% to 17.10, investors are bracing for volatility ahead of the Federal Reserve's interest rate decision and the upcoming Alpenglow network upgrade.
Solana's decline is attributed to a combination of collapsing ETF inflows, rising oil prices, and increased market sensitivity to interest rate hikes ahead of the Fed's policy decision.