$SOL

● Fed rate-hike expectations intensify: Market expectations for an imminent Fed rate hike continue to build, putting broad pressure on risk assets. As Solana is a high-volatility major coin, its price performance is closely tied to macro policy, and heightened risk-avoidance sentiment has increased downward pressure.
● Spot ETF outflows: Although Solana ETFs had previously recorded net inflows for four straight weeks, on July 28 they saw a single-day net outflow, signaling that institutional investors are beginning to take profits or conduct tactical rebalancing, weakening price support.
● On-chain activity cools and derivatives liquidations: On-chain transaction volume declines, alongside a contraction in the size of open interest in the derivatives market, indicating that bullish momentum is weakening. When the price breaks below a key support level, it triggers large-scale long position stop-losses and liquidations, creating a “longs killing longs” stampede effect. $BANK $DEXE #长鑫开盘跌7.7%