Solana Price Slips to $125 Mark Amid Broader Market Selloff

• The price of Bitcoin (BTC) fell precipitously as US job statistics fell short of expectations.
• Despite the decline in prices, the volume of SOL trades increased significantly by 53.87%.

Three Arrows Capital (3AC) cofounder Su Zhu recently wrote in an X post praising SOL’s prospects. As the Breakpoint event draws near, Zhu projected that the price of Solana would rise. To set the scene, Solana hosts an annual conference called the Breakpoint event where ecosystem experts get together to talk about what’s new and how to go forward.

Every year, prominent members of the crypto community, including developers, investors, and others, attend the event. Zhu is hopeful that SOL will climb since the community is becoming more and more excited about the event’s probable collaborations and major announcements.

Bears in Total Control

As new macroeconomic data reveals that US August employment statistics were weaker than anticipated, the crypto market carnage continues. The price of Bitcoin (BTC) fell precipitously as US job statistics fell short of expectations.

At the moment, the price of Solana is following Bitcoin’s declining trend. Solana (SOL) fell terribly to an intraday low of $125 on September 6th, joining the majority of the top cryptocurrencies by market value in the red.

Despite the decline in prices, the volume of trades increased significantly by 53.87%, going above $2.8 billion. Despite the downturn, this increase in volume shows that purchasers are still out there. Nevertheless, it is possible that some investors are attempting to cash out or lock in gains due to the persistent price decline despite purchases.

At the time of writing, SOL is trading at $125.33, down 2.50% in the last 24 hours as per data from CMC. Moreover, the trading volume is up 53.87%. If the price continues this bearish momentum and falls below $122 support level, then it will likely test $103 level. However, if the bulls could drive the price above $138 level, then it will likely test $150 resistance level.