Solana trades near $80 after a broader crypto selloff, with the Crypto Fear and Greed Index at 19. Traders now price an 89% chance of a December Fed rate hike, while $80 support is in focus.
Solana price hovered near $81.45 on Friday, down about 10% over seven days amid a broader crypto selloff. Reaching $60 would require another $21.45 drop, or 26.3% from that level.
The Crypto Fear and Greed Index registered 19 out of 100, which puts it in the extreme fear category, while total crypto market value fell 2.58% over 24 hours to about $2.35 trillion.
Bitcoin leads the decline
Bitcoin fell 5.07% to around $69,300, which pushed it below $70,000. Ether fell below $2,000, and XRP continued its slide toward $1.
Exchanges also liquidated about $676 million in Bitcoin positions over 24 hours. Long positions accounted for roughly $637 million, or 94% of the total.
Producer prices rise 6.5% as rate hike odds climb
U.S. producer prices rose 6.5% from a year earlier in October, up from 6.3% in September. The figure fell short of the 6.6% forecast, three days after consumer inflation came in hotter than expected.
Traders saw an 89% chance that the Fed would raise rates by 25 basis points in December, up from 76%. According to the source, the softer reading could ease concerns about a 50 basis point hike and give stocks and Bitcoin some relief.
Spot Solana ETFs record net outflows
The U.S. spot Solana ETF market recorded $1.92 million in net outflows on November 12, according to SoSoValue. Fidelity's FSOL saw $3.61 million in net withdrawals, while Bitwise's BSOL drew $1.69 million in net inflows.
Solana tests $80 support
At the time of writing, SOL traded at $80.56, after reclaiming $80 following a brief slip below that level on November 13. The relative strength index rebounded from oversold territory to 35.58, still below its midpoint of 50, and Chaikin Money Flow stood at −0.10, which points to continued selling pressure.
If $80 holds, Solana could retest the $82.38 high before challenging $85. A four-hour close below $80 could lead to a retest of the recent low near $78, and a break below that low would expose the next marked support at $75.
Source: CoinGape
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