- Solana price takes another step back after the US job numbers as price action drops over 1%.
- SOL price cracks under pressure from the dollar.
- Expect a drop back toward $30.21 as hopes for some easing evaporate.
Solana (SOL) price action sees job numbers coming in stronger-than-expected. Although not a big beat, more people still joined the labour market in September than economists had forecast, and in more challenging conditions. The Fed will be even more committed to continuing its tightening path to combat still-high inflation, which in its turn supports a stronger dollar and puts SOL price action in the penalty box.
SOL price set to see investors flee before the weekend
Solana price action was at a good point to close the week with gains, but that outlook changes as the US job numbers show yet another beat of expectations. With 263K against 255K, it is not a big defeat, but still, enough for the Fed to keep at it and possibly do even more. Any of those scenarios means a stronger dollar, which means that where there is a winner, there is a loser. In this zero-sum game, Solana price action is the loser.
SOL price is thus set to retrace in full to where price action opened on Monday morning near $31.83. The risk is that the floor under there breaks and collapses to $30.21, with price action falling below the red descending trend line. An additional risk for next week will be that price action drops to $26.01 and tests the low for this year.
SOL/USD Daily chart
Another turnaround into positive territory looks unlikely but not impossible. As the dust settles over the weekend, investors will be back in the market to buy the dip as worked on Monday and Tuesday, with some profit taking on Wednesday. Expect to see the same happening next Monday, when price action could try to jump back to $35.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
XRP gains as traders gear up for futures ETFs debut this week
XRP climbs over 3% on Monday, hovering around $2.33 at the time of writing. The rally is likely catalyzed by key market movers like XRP futures Exchange Traded Funds (ETFs) approval by the US financial regulator, the Securities and Exchange Commission (SEC), and a bullish outlook.
Bitcoin Price Forecast: BTC eyes $97,000 as institutional inflow surges $3.06 billion in a week
Bitcoin (BTC) price is stabilizing above $94,000 at the time of writing on Monday, following a 10% rally the previous week. The institutional demand supports a bullish thesis, as US spot Exchange Traded Funds (ETFs) recorded a total inflow of $3.06 billion last week, the highest weekly figure since mid-November.
Ethereum Price Forecast: ETH ETFs post first weekly inflows since February
Ethereum (ETH) recovered the $1,800 price level on Saturday after US spot Ether ETFs (exchange-traded funds) recorded their first weekly inflows since February.
Defi Development Corporation files to offer $1 billion in securities to boost its Solana holdings
Defi Development Corporation (formerly Janover) filed a registration statement with the Securities & Exchange Commission (SEC) on Friday, signaling its intent to offer and sell a wide range of securities, including common and preferred stock, debt instruments and warrants for the purchase of equity
Bitcoin Weekly Forecast: BTC consolidates after posting over 10% weekly surge
Bitcoin (BTC) price is consolidating around $94,000 at the time of writing on Friday, holding onto the recent 10% increase seen earlier this week.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.