Solana is among the biggest losers as cryptos bleed amid concerns over the fierce war between Israel and Hamas. The competitive smart contracts token lost 4.2% of its value to trade slightly above $21.<\/p>\n
Bitcoin<\/a>\u00a0and\u00a0Ethereum<\/a>\u00a0are also in the red, down 1.3 and 1.5% respectively to trade at $26,697 and $1,544. The market capitalization which had rallied above $1.1 trillion early last week due to the excitement surrounding the SEC\u2019s approval of Ether futures exchange-traded funds (ETFs) in the US, has tumbled to $1.08 trillion.<\/p>\n <\/p>\n Solana price is in a risky spot as it balances on the cliff\u2019s edge \u2013 the 100-day Exponential Moving Average (EMA) (blue). Following the rejection from resistance at $25 at the beginning of October, it has been a downward spiral.<\/p>\n With the ball in the bears\u2019 court, the bulls must successfully defend the 100-day EMA support at $21.17 to reduce the risk of SOL falling below $20.<\/p>\n The Moving Average Convergence Divergence (MACD) is in support of the bearish outlook after confirming a buy signal in the daily timeframe. As long as the MACD line in blue holds below the signal line in red, the path with the least resistance would stay on the downside.<\/p>\n <\/p>\n A break below the immediate support would mark the short sellers\u2019 party who may want to start booking profits at $20. Other key support areas to keep in mind while trading Solana include $17.5 and $15. Beyond this, we could be staring at a similar crash that befell SOL during the FTX implosion in November.<\/p>\n The release of the\u00a0US Consumer Price Index (CPI)<\/a>\u00a0is hurting the crypto despite data showing inflation is easing in the greenback nation. According to the report from the Bureau of Labor Statistics (BLS), CPI rose 0.4% in September compared to 0.6% in August\u2014the biggest hike in 14 months.<\/p>\n <\/p>\n From the start of the year to September, the CPI increased by 3.7% but the metric on a year-over-year basis revealed that prices have decreased from the 9.1% peak in June 2022.<\/p>\n Economists are already predicting that\u00a0the Fed will keep interest rates unchanged<\/a>\u00a0at the end of the next FOMC meeting on November 1.<\/p>\n John Haar, Swan Bitcoin\u2019s head of private client services said in a statement that \u201cGiven the recent move higher in Treasury yields, and recent commentary from Fed officials, it appears that the Fed is likely to keep rates constant at their next meeting on November 1.\u201d<\/p>\n However, the war in the Middle East between Israel and Hamas could negatively impact oil prices which might knock on the core inflation.<\/p>\n There are more macro events and related speeches this week, but they have little impact on the crypto market, which is still mainly going independent. \u2014 Greeks.live (@GreeksLive) October 12, 2023<\/a><\/p>\n<\/blockquote>\n For now, traders should be keen on how Solana reacts to support at the 100-day EMA. A break below could trigger a sell-off while an immediate rebound might allow for consolidation before the next move to $25 and $30, respectively.<\/p>\n <\/p>\n \u2713 Share:<\/p>\n <\/a><\/p>\n <!– <\/p>\n <\/p>\n <\/a><\/p><\/div>\n<\/p><\/div>\nSolana Price Prediction: Can SOL Rebound With This Support?<\/h2>\n
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<\/a>US Inflation Data Catches Solana Off-Guard<\/h2>\n
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