Market red is due to 4 reasons together on Oct 8:
1. Macro pressure - Fed minutes released yesterday said another rate hike is possible in 2026. 10 year Treasury yield jumped to 5.34% and 30 year to 5.70% highest since 2002. When yields go up, people sell risky assets like crypto.
2. Oil and war fear - Brent crude back above $101 after tanker attacks near Strait of Hormuz and reports that White House asked Pentagon for strike options on Iran. Oil up = inflation fear.
3. ETF outflows - US spot Bitcoin ETFs saw $484.9M net outflow on Oct 7, so big institutional selling.
4. Leverage wipeout - More than $714M liquidated in last 24h, 1.25M traders liquidated, mostly long positions. $403M longs wiped in just 1 hour. When longs get liquidated, price falls faster and all alts follow.
That is why your SOL chart is showing this:
SOL went from 123.76 to 105.71 low, now 106.25 down 8.63%. RSI(6) is 5.26 which is extremely oversold on 1h, volume is very high 342M - means panic selling.
Most coins are in short because trend turned bearish after Bitcoin rejected 87k resistance. $SOL , $ETH , $XRP all broke support.
This looks like a forced liquidation event, not a fundamental failure of SOL. Usually after such oversold RSI we see a bounce, but need to wait for Bitcoin to hold 82k-83k.
Not financial advice, just news summary.
1. Macro pressure - Fed minutes released yesterday said another rate hike is possible in 2026. 10 year Treasury yield jumped to 5.34% and 30 year to 5.70% highest since 2002. When yields go up, people sell risky assets like crypto.
2. Oil and war fear - Brent crude back above $101 after tanker attacks near Strait of Hormuz and reports that White House asked Pentagon for strike options on Iran. Oil up = inflation fear.
3. ETF outflows - US spot Bitcoin ETFs saw $484.9M net outflow on Oct 7, so big institutional selling.
4. Leverage wipeout - More than $714M liquidated in last 24h, 1.25M traders liquidated, mostly long positions. $403M longs wiped in just 1 hour. When longs get liquidated, price falls faster and all alts follow.
That is why your SOL chart is showing this:
SOL went from 123.76 to 105.71 low, now 106.25 down 8.63%. RSI(6) is 5.26 which is extremely oversold on 1h, volume is very high 342M - means panic selling.
Most coins are in short because trend turned bearish after Bitcoin rejected 87k resistance. $SOL , $ETH , $XRP all broke support.
This looks like a forced liquidation event, not a fundamental failure of SOL. Usually after such oversold RSI we see a bounce, but need to wait for Bitcoin to hold 82k-83k.
Not financial advice, just news summary.