SOL, the native coin of the Solana blockchain, has been underperforming in current days amid escalating commerce tensions between the US and China. Market volatility continues to be on show because the coin stays under the $200 mark.

US-China commerce tensions trigger risk-off sentiment, sending SOL under $200

Solana’s SOL has misplaced 1% of its worth prior to now 24 hours and is presently buying and selling at $195 per coin. This efficiency comes amid commerce disputes between the US and China which have brought on uncertainty and risk-off sentiment within the crypto market.

The Chinese language authorities mentioned the levy was aimed toward defending the nation’s delivery business from “discriminatory” measures. It additionally ensures that the levy applies to U.S.-owned, operated, constructed, or flagged vessels, however to not Chinese language-built vessels.

That is in retaliation for U.S. costs in opposition to Chinese language ships, which the U.S. authorities claims helps U.S. delivery firms.

The Fed chair can also be scheduled to talk later at present. Merchants shall be watching Powell’s speech for perception into the upcoming financial coverage assembly. Nonetheless, with no main financial knowledge launched in current weeks because of the ongoing U.S. authorities shutdown, it stays unclear whether or not the Fed will reduce rates of interest this month.

SOL might fall amid bearish market traits

The SOL/USD 4-hour chart is bearish and environment friendly as Solana has underperformed in current weeks. The coin plummeted practically 20% over the weekend, retesting the $170 degree for the primary time in weeks.

Nonetheless, on Monday, it rebounded and reached the $213 degree, however failed to achieve momentum. It’s presently under $200 and will fall additional within the brief time period.

If Solana continues to consolidate and falls under the every day assist of $192.74, the decline may lengthen in the direction of the weekend lows of $171. An RSI of 48 means the bears stay in management. The MACD line additionally stays inside bearish territory, suggesting additional downtrend within the brief time period.

Nonetheless, if the bulls regain management, SOL may retest Monday’s excessive of $213 and transfer in the direction of the TLQ $221 and resistance degree of $221 within the following hours or days.