The selling accelerated after the Federal Reserve kept interest rates unchanged and warned that inflation risks remain elevated, prompting traders to reduce exposure to high-beta assets.
Bitcoin retreated toward $64,000 following the announcement, while several large-cap altcoins posted steeper losses.
The daily chart shows Solana rejecting a major resistance area between $75 and $76, a zone that previously acted as structural support before June’s breakdown.
After failing to reclaim that level, price slipped back below the 61.8% Fibonacci retracement near $74.80 and now trades just above the 78.6% retracement level around $68.40.
## Technical Indicators
A descending trendline connecting the May and June highs remains intact, preserving the short-term bearish structure.
Momentum indicators remain mixed, with the Relative Strength Index recovering from oversold territory but remaining below the neutral 50 mark.
The Aroon indicator continues to favor the bears, with the Aroon Down reading holding significantly above Aroon Up.
Market commentator BATMAN noted that Solana had been
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