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Solana (SOL), the seventh largest cryptocurrency by market capitalization, traded down 1.40% in the last 24 hours to $84, according to CoinMarketCap.
Following three straight days of rise at the week's start, Solana saw profit taking, now entering its third day of drop since March 4.
Solana fell to a low of $83.67 early Saturday as the broader crypto market fell on a stronger dollar index. The dollar posted its sharpest weekly gain in a year, creating a direct headwind for cryptocurrencies.
The U.S. job market weakened in February, seemingly putting back in play the possibility of Federal Reserve rate cuts in H1, 2026.
A drop of 92,000 jobs was reported last month, according to Friday's release from the Bureau of Labor Statistics. Economists had expected an addition of 59,000 new jobs, compared with January's gain of 126,000.
Two liquidity clusters come into focus
Uncertainty remains in the market, with the sentiment in the crypto market remaining cautious. Fear prevails in the market, with the Crypto Fear and Greed Index now at 20, which is fear, albeit this is a recovery from extreme fear levels of the past weeks.
Solana has broadly traded in a range between $75 and $95 since Feb. 7, indicating a struggle between bulls and bears. The significance of Solana's current trading range is that it houses two liquidity clusters.
According to Ted Pillows, a crypto analyst, Solana has two liquidity clusters presently. On the upside, there is a small liquidity cluster around the $95 level. On the downside, there is a large liquidity cluster sitting near the $78-$85 levels.
Pillows believes that a sweep of downside liquidity might occur in the coming sessions and then a rally could happen next.
Solana jumps 755% in payments volume
Solana’s total payment volume (TPV) growth is outperforming peers and fintech giants alike, up 755.3% YoY.
Western Union is issuing a new stablecoin on Solana, moving its treasury operations on-chain and opening up its network of over 500,000 retail agents to Solana apps. The 2026 launch of the USDPT token aims to remove the "working capital trap" of pre-funded accounts and lower average international transfer costs.