Solana came under renewed pressure as escalating Middle East tensions weighed on risk sentiment, with reports of US military preparations for potential strikes on Iran adding to concerns about another direct confrontation.
The combination of rising oil prices, growing economic concerns and a hawkish Federal Reserve creates a very challenging backdrop for the crypto market
If the conflict escalates further, SOL could remain vulnerable to a broader risk-off move. Solana has also completed the Alpenglow upgrade which went live on mainnet on October 21, replacing TowerBFT and targeting transaction finality of around 150 milliseconds, down from approximately 12.8 seconds. Looking ahead, tomorrow’s US Flash PMIs could trigger further volatility given the lingering growth concerns.
Weaker than expected data could intensify growth fears, weigh further on risk sentiment and trigger another selloff in SOL. Stronger data, on the other hand, might ease the concerns and lead to a short-term relief rally, although it wouldn’t change the bigger picture as it would just reinforce the need for further Fed tightening, thus limiting the recovery. SOLANA TECHNICAL ANALYSIS – DAILY TIMEFRAME On the daily chart, we can see that Solana is back under pressure as renewed Middle East tensions weighed on risk sentiment.