Solana's fundamentals are clouded by negative macro and geopolitical conditions. What's next?

<p class="MsoNormal" style="font-family: Aptos, sans-serif; margin: 7px 0; font-size: 15px;">Solana has been under pressure in the past couple of weeks alongside the broader crypto market as deteriorating macro conditions and rising oil prices weighed on risk sentiment. </p><p class="MsoNormal" style="font-family: Aptos, sans-serif; margin: 7px 0; font-size: 15px;">On the fundamental side, the upcoming Alpenglow upgrade could be a key catalyst. Scheduled for October 21, the consensus upgrade aims to reduce transaction finality, improving Solana's performance for applications requiring faster settlement. </p><p class="MsoNormal" style="margin: 0 0 11px; font-family: Aptos, sans-serif; font-size: 15px;">On the macro side, despite higher than expected US inflation data, we’ve seen minor changes in Fed rate hike expectations and the slightly dovish repricing further out the curve, suggest the market might be starting to get more concerned about the growth outlook. </p><p class="MsoNormal" style="margin: 0 0 11px; font-family: Aptos, sans-serif; font-size: 15px;">Looking ahead, we have the Flash PMIs, the FOMC, the US-Iran negotiations and the US midterm elections as key catalysts. If the economic data starts pointing to deteriorating economic conditions, then we could see the market getting increasingly worried about growth. </p><p class="MsoNormal" style="margin: 0 0 11px; font-family: Aptos, sans-serif; font-size: 15px;">This would be negative for risk sentiment and could further weigh on Solana and the crypto market in general. What could drastically change the picture would be an end to the US-Iran war, as that would immediately improve the growth outlook and the risk sentiment.</p><p class="MsoNormal" style="font-family: Aptos, sans-serif; margin: 7px 0; font-size: 15px;"> </p><p class="MsoNormal" style="margin: 0 0 11px; font-family: Aptos, sans-serif; font-size: 15px;">SOLANA TECHNICAL ANALYSIS – DAILY TIMEFRAME</p><p></p><p class="MsoNormal" style="font-family: Aptos, sans-serif; margin: 7px 0; font-size: 15px;">On the daily chart, we can see that <a href="https://www.tradingview.com/symbols/SOLUSD/" rel="follow">Solana</a>is approaching the key support zone around the 97.00 level. If the price gets there, we can expect the buyers to step in, with a defined risk below the support, to position for a rally into the 148.00 level. The sellers, on the other hand, will want to see the price breaking lower to increase the bearish bets into the major upward trendline next. </p><p class="MsoNormal" style="font-family: Aptos, sans-serif; margin: 7px 0; font-size: 15px;"> </p><p class="MsoNormal" style="margin: 0 0 11px; font-family: Aptos, sans-serif; font-size: 15px;">SOLANA TECHNICAL ANALYSIS – 4 HOUR TIMEFRAME</p><p></p><p class="MsoNormal" style="font-family: Aptos, sans-serif; margin: 7px 0; font-size: 15px;">On the 4 hour chart, we have a downward trendline defining the bearish momentum. We can expect the sellers to lean on the trendline, with a defined risk above it, to keep pushing into the 97.00 support. The buyers, on the other hand, will look for a break to extend the pullback into the 113.00 level next. </p><p class="MsoNormal" style="font-family: Aptos, sans-serif; margin: 7px 0; font-size: 15px;"> </p><p class="MsoNormal" style="font-family: Aptos, sans-serif; margin: 7px 0; font-size: 15px;">SOLANA TECHNICAL ANALYSIS – 1 HOUR TIMEFRAME</p><p></p><p>On the 1 hour chart, we have the most recent swing low around the 104.50 level that could act as minor support. We can expect the buyers to step in there, with a defined risk below the level, to position for a break above the trendline. The sellers, on the other hand, will look for a break to increase the bearish bets into the 97.00 support next. The red lines define the <a href="https://investinglive.com/Education/trading-tip-know-the-average-daily-range-adr-20220207/" rel="follow" style="color: rgba(70, 120, 134, 1); text-decoration: underline;">average daily range</a> for today.</p><p class="MsoNormal" style="font-family: Aptos, sans-serif; margin: 7px 0; font-size: 15px;"></p> This article was written by Giuseppe Dellamotta at investinglive.com.