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China bans Solana promotion, but SOL price holds near $90 support level.

Market News
07 Nov 2026, 17:15 WIB
CryptoTicker
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Bearish
China bans Solana promotion, but SOL price holds near $90 support level.

China's central bank declared Solana's promotion in Shanghai illegal, halting the Solana Accelerate China 2026 tour and investigating involved Chinese service providers. Despite this, Solana's price remains steady around $90, just above its 200-day moving average. The main concern is a nearly $1.6 billion drop in stablecoin supply on Solana's blockchain, indicating capital outflow and reduced trading activity. The ban mainly affects Solana's business in China, with no direct impact on trading in Europe or the US. The price could face further pressure if it falls below the $89 support level, but recovery depends on stablecoin inflows returning.

Solana is trading at Rp1.619.002 on Pluang, down 1.28% in the last day, with a market cap of Rp962,33 trillion as of Nov 07, 2026 22:31 WIB. Despite regulatory challenges in China, Pluang users show a buying interest with 64% buy orders and an average hold time of 72 days.

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