#BTC #SOL #DOWN #BNB #TRUMP

Why is Solana (SOL) price down today?

★Marketwide sell-off weighs down SOL price
Solana corrects alongside other cryptocurrencies, which have also dropped ahead of the Federal Open Market Committee’s (FOMC) decision on interest rate cuts.

★Key points:

Bitcoin (BTC), the largest cryptocurrency by market capitalization, led the losses on Jan. 29 and is down 0.3% over the last day to trade at $102,397 at the time of writing.
Ether (ETH) has declined more than 1.87% over the last 24 hours to trade just below above $3,100.

Other top-cap cryptocurrencies, including BNB Chain’s BNB, XRP (XRP), and Dogecoin (DOGE), have also posted significant losses over the last 24 hours.
The total crypto market capitalization has decreased by 1% over the last 24 hours to rest at $3.49 trillion on Jan. 28.

This performance in the crypto market comes as market participants wait for the US Federal Reserve’s decision on interest rates.

What to expect:
The FOMC, which has been meeting since Jan. 28, is expected to make a decision on interest rate cuts today, Jan. 29.

There’s a strong consensus among market observers and analysts that the central bank will keep the Federal funds rate steady at its current range of 4.25% to 4.5%.

The possibility of interest rates remaining the same at the Fed’s Jan. 29 meeting now stands at a 99.5% chance, according to the CME FedWatch tool.
Market participants are waiting to see whether Fed Chair Jerome Powell will give a hawkish or dovish outlook with a knock-on effect on prices of risk-on assets, including Solana.