$SOL Slips as China Shuts Down Its Shanghai Event
What happened?
Chinese authorities halted Solana Accelerate in Shanghai over alleged unauthorized promotion. A PBOC official told Financial News that Solana's tech services supporting crypto issuance and trading are illegal in China.
Why does it matter?
SOL trades at $89.95, down 4.4% on the week and 69% below its all-time high. It is the second disruption of a Solana event in mainland China in two years.
What's next?
Regulatory noise is a headwind. I lean bearish and expect SOL to test $88.3 support while it stays under $91.6. Not financial advice, DYOR.
$SOL
What happened?
Chinese authorities halted Solana Accelerate in Shanghai over alleged unauthorized promotion. A PBOC official told Financial News that Solana's tech services supporting crypto issuance and trading are illegal in China.
Why does it matter?
SOL trades at $89.95, down 4.4% on the week and 69% below its all-time high. It is the second disruption of a Solana event in mainland China in two years.
What's next?
Regulatory noise is a headwind. I lean bearish and expect SOL to test $88.3 support while it stays under $91.6. Not financial advice, DYOR.
$SOL
