SOL 1d chart, Source: crypto.news Solana’s current price is $206.8, and its intraday trading ranges from $206.2 to $212.4. An ascending pattern of higher lows supports the price structure’s continued bullishness, and the $197–$200 range has emerged as a crucial support zone. On the upside, traders are being cautious because $215–$220 is still a tough resistance level.
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Furthermore, from a structural perspective, funds have begun to gradually shift away from Bitcoin. BTC's market dominance has fallen from 65% in May to 59% in August. Meanwhile, the total Altcoin market capitalization has grown by over 50% since early July, reaching $1.4 trillion. While CoinMarketCap's "Altcoin Season Index" remains around 40, well short of the 75 threshold that traditionally defines an altcoin season, this discrepancy between a low indicator and a surge in market capitalization reveals that funds are selectively flowing into specific sectors, particularly Ethereum (ETH). ETH not only benefits from institutional interest in ETFs exceeding $22 billion, but also carries the core narrative of stablecoins and RWAs, making it a more attractive asset class than Bitcoin.
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The global stablecoin landscape is undergoing profound reshaping. The passage of the US Stablecoin Act has accelerated the tokenization process dominated by the US dollar, while Singapore's adjustment of the crypto ecosystem indirectly created a development window for Hong Kong. Meanwhile, the active steps of Middle Eastern countries like the UAE in asset tokenization also pose new challenges to traditional financial centers. Against this backdrop, Hong Kong is establishing its position in the stablecoin field and accelerating the construction of its virtual asset center status through its transparent, efficient regulatory framework and financial innovation capabilities.
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