Solana
Solana Tests $100 Support as Macro Pressures and Rising Bond Yields Weigh on Markets
Solana declined toward the $101 mark amid broader risk-off market conditions driven by surging oil prices and higher US Treasury yields.
Solana dropped 3.5% over a 24-hour period to trade around $101 on September 10, approaching the $100 support level after touching an intraday low of $100.50. Despite the recent pullback from the $104-$105 zone, the token retained gains of 1.1% over seven days and 34.5% over the past month.
The downturn coincided with widespread risk aversion across global financial markets. Brent crude prices surpassed $100 per barrel amid geopolitical tensions between the US and Iran and shipping disruptions in the Middle East, reigniting concerns over US inflation ahead of upcoming economic data and the Federal Reserve's policy meeting. Concurrently, the US 10-year Treasury yield rose to roughly 4.85% following a smaller-than-anticipated $6 billion debt buyback, with markets pricing in an estimated 60% chance of another rate hike.
The broader crypto sector registered approximately $246 million in liquidations as Bitcoin traded near $79,000. Data from Coinbase linked Solana's decline to general macroeconomic pressures and sector-wide weakness among smart contract platforms rather than network-specific issues. Technically, SOL fell below its 9-day simple moving average at $102.88, while its daily Commodity Channel Index slipped to -10.02.
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