Solana (SOL) has recently seen its price peak at $139 on September 13, 2024, before experiencing a decline to $130 by September 15 1. Amid this volatility, traders are accumulating approximately $150 million in short positions as they brace for the upcoming U.S. Federal Reserve rate decision scheduled for September 17 1. This bearish sentiment is compounded by recent economic indicators, including the Non-Farm Payrolls report, which revealed that 142,000 jobs were added in August, marking a 37% increase from July 1. Additionally, the Consumer Price Index (CPI) data has shown inflation reaching an all-time high of 314.80 points 1. As a result, traders are anticipating either a pause or an increase in interest rates, which could further impact market dynamics 1. On September 15, Solana's price dipped by 2.81%, settling at $133.38, with key support identified at $120.62 and resistance at $159.68 1. Analysts suggest that a successful defense of the $120 support level could lead to a bullish reversal towards the $150 mark 1. Meanwhile, the overall trading volume of SOL has also seen a significant decline of 49.72%, reflecting a broader decrease in interest across the cryptocurrency market 2.
