Solana Plunges Below $200! - Where SOL Heads Next Will Shock You
Solana's sudden dip below the psychological $200 barrier sends shockwaves through crypto markets.
The Technical Breakdown
SOL's price action defies expectations as it slices through critical support levels. The breakdown triggers massive liquidations across derivatives platforms while long-term holders scramble to reassess their positions.
Market Psychology at Play
Fear grips retail investors while institutional players watch for entry points. The $200 level wasn't just another number—it represented market sentiment turning from cautiously optimistic to downright nervous.
The Path Forward
Traders now eye key resistance levels while debating whether this is a healthy correction or the start of something more sinister. The next 48 hours could determine SOL's trajectory for weeks to come—because in crypto, fundamentals matter less than which way the herd stampedes next.
US officials call restrictions a ‘power grab’
Jamieson Greer, the U.S. Trade Representative, labeled China’s new rules “a global supply-chain power grab” on Wednesday. He said he expected Beijing not to put them into effect. Bessent hinted that another extension of the current 90-day tariff pause might happen. That pause is due to end around November 9.
Trade relations between the two nations had looked fairly steady after a September 19 phone conversation between Trump and Xi. That call happened following a Madrid meeting seen as successful because of a major TikTok agreement reached there.
Beijing says the sudden increase in harsh words stems from the U.S. Commerce Department’s unexpected expansion of its “Entity List” in late September. That expansion targeted companies in China and other countries using subsidiaries to get around export restrictions on chipmaking tools and other advanced technology products.
Washington points to China’s critical minerals action as the starting point, which Trump called “shocking.”
Chinese officials maintain they informed Washington before announcing the new licensing system and that the controls match measures already used by other major economies.
“The United States has long overstated national security concerns and abused controls, adopting discriminatory practices against China,” stated one of seven graphics the official People’s Daily published. The graphic noted Washington keeps a control list covering 3,000 items compared to the 900 on Beijing’s list.
“Implementing such export controls is consistent with international practice,” the first graphic said, repeating Beijing’s position since announcing the measures.
Washington has maintained similar rules since the 1950s and has used them lately to prevent foreign semiconductor companies from selling chips to China if American technology was used to make them.
Bessent’s personal attacks on Chinese official
Moving beyond policy matters, Bessent on Wednesday called China’s chief trade negotiator Li Chenggang “slightly unhinged” and “disrespectful.”
He claimed Li threatened to “unleash chaos on the global system” if America proceeded with port fee increases and that Li invited himself to Washington for discussions in August.
The Treasury chief noted that trust between Trump and Xi had stopped tensions from growing worse and kept both leaders planning to meet in Korea. This maintains a way forward for the superpowers to reach an agreement despite clear disagreements between their main negotiators.
The growing dispute comes as both nations struggle with escalating trade tensions that have disrupted global supply chains and rattled markets in recent months.
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