Solana Saturday slide of 8.6% hits its lowest since August

Solana Saturday slide of 8.6% leaves $SOL at its lowest since August

Solana ($SOL) traded at $73.37 at 12:40 p.m. ET on Saturday, down 8.6% in 24 hours, as a market-wide sell-off deepened.

The quick take

Price: $SOL at $73.37, -8.6% ↓ in 24 hours and -19% ↓ in seven days (CoinGecko, 12:40 p.m. ET).
Trigger: A broad Saturday sell-off; Bitcoin ($BTC) was down 4.3% and Ether ($ETH) 4.5% over the same 24 hours.
Watch: The Fed’s meeting minutes on Nov. 18 and whether $SOL holds above its 24-hour low of $72.11.

What happened

The Solana Saturday slide pushed Solana ($SOL) to $73.37 at 12:40 p.m. ET, down 8.6% in 24 hours, according to CoinGecko. Jupiter’s price feed showed $73.11 at the same time, within 0.4% of that reading.

CoinGecko puts the 24-hour range between $72.11 and $80.46. Over seven days, $SOL is down 19%.

The token is now at its weakest level in more than three months. On Binance’s SOL/USDT pair, Saturday’s low of $71.93 matched the low of Aug. 2, the lowest daily low since early August.

Why it moved

The selling was market-wide. Bitcoin traded at $65,928, down 4.3% in 24 hours, and Ether at $1,850, down 4.5%, per LiveCoinWatch. $SOL fell about twice as hard as both.

Rate worries set the tone. Decrypt reported on Friday that Bitcoin hit a 12-week low as futures priced a 91.9% chance of a quarter-point Fed rate hike in December. Cointelegraph, citing Farside Investors, reported $2.35 billion in net outflows from U.S. spot Bitcoin funds over two weeks.

Hourly readings on Binance’s SOL/USDT pair stayed between about $75 and $76 for most of Saturday morning. They then slipped below $74 after 10 a.m. ET and reached $72.42 in the noon hour.

Who’s buying and selling

Sellers led on-chain. On the busiest SOL/USDC pool tracked by GeckoTerminal, on Orca, sell trades outnumbered buys 47,022 to 41,727 over 24 hours.

Trading stayed heavy. CoinGecko shows $3.2 billion in 24-hour $SOL volume. Total value locked in Solana DeFi stood at $4.8 billion, per DefiLlama.

What to watch next

Decrypt lists the Fed’s meeting minutes on Nov. 18 and the PCE inflation report on Nov. 25 as the next dates for rate expectations. The Fed meets again on Dec. 8-9.

For $SOL, the near-term marker is CoinGecko’s 24-hour low of $72.11.

Bottom line: $SOL lost 8.6% in a day of broad selling and now trades at its lowest level since early August.

Price data: CoinGecko.