CPI shock complicates Solana’s $100 test as network activity slumps

Solana [SOL] has extended its bearish run following Wednesday’s broader crypto market sell-off, triggered by hotter-than-expected U.S. inflation data. According to the release, September’s Consumer Price Index (CPI) rose 3.7% YoY, exceeding the 3.6% forecast and increasing concerns about interest rates remaining elevated. As a result, treasury yields climbed while the U.S. dollar strengthened, adding pressure to risk-sensitive assets. The macroeconomic pressure is coinciding with weakening activity across Solana’s ecosystem. DeFi tokens operating in the ecosystem have also dropped significantly. Jupiter [JUP] and Raydium [RAY] are the top losers, with each token's price dropping by 9.4% and 10.6%, respectively.

Source: AMBCrypto