Solana (SOL) Falls Below $100... Plunges 6% Amid Shock Over CLARITY Act's Rejection

▲ Solana (SOL)/AI generated image ©

Solana (SOL) plunged more than 6%, falling below the psychological support level of $100. Amid the spread of risk-off sentiment due to the rejection of the CLARITY Act, a U.S. cryptocurrency market structure bill, in a Senate procedural vote, coupled with leverage liquidations and capital outflow from altcoins, it recorded a larger decline than Bitcoin.

According to CoinMarketCap, a cryptocurrency market data aggregator, on September 15 (local time), Solana recorded a 6.29% decrease over 24 hours, trading at $97.17. During the same period, Bitcoin (BTC) fell by 3.93%. As the cloture vote on the CLARITY Act in the U.S. Senate failed to secure the 60 votes needed to advance the bill, concerns that regulatory clarity might be delayed led to a market-wide sell-off. High-beta altcoins like Solana experienced greater downward pressure than Bitcoin.

The reduction of leverage in the derivatives market also amplified the downward trend. Bitcoin liquidations increased by 12.24% to $104.98 million in the past 24 hours, indicating forced position closures across the market. Concurrently, the Altcoin Season Index fell by 10.81%, reflecting a capital outflow from altcoins, including Solana, during this risk-off phase.

Technically, Solana has also broken below key price levels. After falling below the psychological support of $100, it is now testing the previous low of $96.40. The 14-day Relative Strength Index (RSI) dropped to 31.37, approaching oversold territory. While the short-term trend itself is bearish, the strengthening oversold signal suggests that if market sentiment improves, there remains a possibility of short-term price stabilization or a rebound.

The immediate price range to watch is $95-$96.40. If this range is defended, a recovery to $100-$102 could be attempted, but if the support breaks, the risk of further decline to $90 increases significantly. Despite recent network-side fundamentals such as the Transaction V1 upgrade, the current price is assessed to be more strongly influenced by external risk factors than Solana's intrinsic factors.

Following the rejection of the CLARITY Act procedural vote, the market's next key variable is the Fed's interest rate decision on the 16th. CoinMarketCap analyzed that Solana's current decline is a result of increased regulatory uncertainty in the U.S. and market-wide deleveraging. Depending on whether the Fed's announcement alleviates risk-off sentiment or, conversely, triggers further selling, the fate of recapturing $100 or further falling to $90 will be determined.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*