With the Federal Reserve’s FOMC meeting coming up later on Wednesday, $BTC and the altcoins are mostly in the red. Is this the typical dump before this meeting, or could there be a bigger correction?
Bitcoin is leading the way with a 1% red candle already. Many altcoins are doing a lot worse than this. However, looking back at the price action for previous FOMC meetings, this is generally par for the course. Will this dump continue after the meeting, or are we more likely to see the normal resumption of the uptrend?
Solana returning to support
That being said, one of the crowd favourites for this crypto bull market is Solana (SOL). $SOL is down nearly 3% on the day so far, and this can be added to the 3.3% down day on Monday.
The Solana price had been accelerating steadily ahead of the eagerly awaited Jupiter airdrop. With the airdrop due to take place today, perhaps the $SOL price is reflecting this now that the news is about to happen.
Source: Coingecko/Trading View
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