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Solana (SOL) Price Update: A Crucial Moment for the Leading Blockchain

Solana (SOL), which led the Bull Market with an impressive rally from $8 to a new all-time high of $263, is now showing signs of weakness. The recent price action has been marked by a series of lower highs and lower lows, signaling a potential trend shift and further downside in the short term.

For Solana to reverse this bearish trend and regain its bullish momentum, it must first reclaim the 50% Fibonacci retracement level from the recent correction, which aligns with the last lower high at $234. Additionally, breaking above the $246 level—the first lower high that led to the recent lows—would be an essential step toward a recovery and a renewed attempt to break the all-time high.

Solana has formed a falling channel, with the next key area of interest being the bottom of the channel and the Fibonacci Golden Pocket, which lies just below the $200 mark. A drop to this level would create another lower low, further weakening Solana's position and potentially continuing the bearish momentum.

That said, Solana has historically managed to dig its way out of downturns and continue to the upside. Let's hope for a similar outcome, but stay tuned as we closely monitor how Solana responds to these key levels in the coming days!

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FED DECISION DAY 💡

Remember when Treasury Secretary Janet Yellen infamously said “Inflation is transitory” in 2021? She and The Fed regret that now. The Fed never achieved their target of 2% inflation before starting rate cuts this year, unfortunately Inflation is now sticky and has been ticking up again, especially on necessities, with credit card debt is at its highest level in history. The last few years have been tough on the general public here in the US, unless of course you are a Bitcoin holder. 

Today, the Federal Reserve, led by Fed Chair Jerome Powell, will make its final interest rate decision of 2024, ending a year in which the central bank provided some relief to inflation-weary borrowers, starting with September’s first rate reduction in four years, a whopping .50 basis point cut. This was followed by another .25 point rate cut in November, just 2 days after the presidential election. These events created a positive environment for risk on assets, and markets have been rallying since.

According to leading economists, the Fed is likely to make its third consecutive reduction in 2024 by another 1/4 percent. The announcement will be made at 2pm EST, released with a brief statement.

In anticipation of this, markets are trading sideways and a bit down on indecision. Most Alt Coins have been down in the past 24 hours, not regaining their highs since the Dec 11th crypto dip, despite Bitcoin topping 108k for a new ATH yesterday.

Having been in the crypto space since 2020, I fully expect to see some whipsaw price action on Bitcoin, taking out leveraged long and short positions leading up to and immediately after the announcement. The real fireworks begin at 2:30pm EST, when JPOW makes his statement, then a Q&A session with the press.

Will he be Dovish or Hawkish about rate cuts in 2025? If JPOW is hawkish with comments about the slower pace of cuts in 2025, I’m expecting a temporary pullback in crypto, but remain overall bullish for 2025. Dovish sentiment today could ignite the next leg up for Bitcoin and Alt Coin Season resumes!

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