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Solana cryptocurrency has faced downward pressure due to a strengthening US dollar. The greenback has been buoyed by positive economic data released over the past week and anticipation of the highly anticipated monthly employment report, due out next Friday.
The US dollar has been on an upward trajectory since the start of Tuesday’s trading session, reflecting expectations of a potential interest rate cut. Markets are currently focused on the upcoming employment data, which is a key determinant of the Federal Reserve’s future monetary policy path.
The dollar index, which measures the US dollar’s performance against a basket of major currencies, rose to 101.86 points compared to the previous day’s close of 101.65. The index reached a low of 101.78 points during Tuesday’s trading.
Markets are eagerly awaiting the release of the most important economic data of the month, the US employment report. In the meantime, investors are closely analyzing preliminary indicators that provide insights into labor market conditions. These indicators are helping to address key questions that are currently occupying global financial markets.
Solana’s price has declined to $131.38 per unit from the previous day’s close of $134.97 per unit. The cryptocurrency reached a high of $137.47 on Monday from a low of $129.28.
