- Bitcoin Drop and Macroeconomic Data
- Solana: Price Drop and Trading Volume Increase
- Solana's Prospects and Expectations
The price of Bitcoin (BTC) fell sharply as disappointing US employment data for August emerged. Despite the price decline, Solana's (SOL) trading volume increased significantly.
Bitcoin Drop and Macroeconomic Data
Recent macroeconomic data reveals that US August employment statistics were weaker than anticipated. As a result, the price of Bitcoin (BTC) dropped precipitously. At the time of publication, Bitcoin's price continues to fluctuate in response to the deteriorating economic indicators.
Solana: Price Drop and Trading Volume Increase
The price of Solana (SOL) followed Bitcoin's downward trend. On September 6th, SOL reached an intraday low of $125. Despite the price decline, trading volume increased by 53.87%, exceeding $2.8 billion. This indicates that buyers are still active in the market, though some investors might be attempting to exit or lock in gains.
Solana's Prospects and Expectations
Three Arrows Capital (3AC) cofounder Su Zhu recently wrote in an X post praising SOL’s prospects. He projects that Solana’s price will rise as the Breakpoint event approaches. The annual event brings ecosystem experts together to discuss new developments and future directions. Zhu believes that growing excitement about potential collaborations and major announcements will positively impact SOL’s price. Should the bearish momentum continue, SOL might test the $122 support level. However, if bulls can drive the price above $138, the next target will be $150.
Despite negative macroeconomic data and declining cryptocurrency prices, Solana's trading volume shows that buyers remain active. Expectations of major announcements and potential collaborations at the upcoming 'Breakpoint' event may influence further price growth for SOL.
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