Digital assets are under pressure due to uncertainty surrounding the Federal Reserve’s policy path. With signs of labor market weakness and rising inflation momentum, policymakers must decide which risk takes priority. Traders are waiting for signals from Fed Chair Jerome Powell at the Jackson Hole symposium scheduled for tomorrow at 16:00 (GMT+2). While markets still price in a modest September rate cut, the FOMC minutes released earlier this week showed most officials remain concerned about inflationary risks.
Outside monetary policy, the backdrop for cryptocurrencies remains constructive. Investors continue to treat them as safe-haven alternatives, and U.S. regulators are working toward clearer market rules. For Solana, demand is supported by the booming meme-coin ecosystem on its blockchain. Pump.fun, the largest platform for token launches, generated $13.48 million last week—its highest weekly revenue since February—now holding a 73% market share in meme-coin issuance. On top of this, the Solana network briefly recorded a processing peak of 107,540 transactions per second, a new benchmark that highlights the chain’s scaling potential.
Support and resistance
The asset remains in a corrective phase. On Wednesday, attempts to break below the middle Bollinger Band and 175.00 failed; a confirmed move lower could extend losses toward 150.00 (Murray [4/8]) and 125.00 (Murray [2/8]). For bulls, the key area is 200.00–202.40 (Murray [8/8], 61.8% Fibonacci retracement). A firm rebound above this zone would bring targets back to 225.00 (Murray [+2/8]) and 250.00 (Murray [8/8], W1).
Technical indicators favor the bullish case: Bollinger Bands are flat, MACD is holding in positive territory, and the Stochastic oscillator is turning higher from oversold levels.
- Resistance: 202.40, 225.00, 250.00
- Support: 175.00, 150.00, 125.00
Trading strategies
Primary scenario: Buy stop orders can be considered above 209.00 with targets at 225.00 and 250.00. Protective stop at 200.00. Timeframe: 5–7 days.
Alternative scenario: Sell stop positions below 175.00 may aim for 150.00 and 125.00, with a stop at 190.00.