SOL USD Falls Following Chinese Law Enforcement’s Raid on Solana Gathering in Shenzhen
A Solana community gathering in Shenzhen, China, was unexpectedly terminated earlier this week after local law enforcement arrived to assess the situation regarding overcrowding, as reported by the South China Morning Post. SOL USD has experienced a 2.2% decline today, trading below $200, with the latest NEGATIVE SENTIMENT from China exacerbating the situation.
This event was part of the Solana Accelerate APAC series and was scheduled for Tuesday (October 28), but was halted when officers entered the premises and quickly dispersed the attendees.
Solana Hackathon in China Canceled Due to Overcrowding
Event coordinators stated that the location had surpassed its capacity and thus ended the final hackathon “for public protection.” The police presence, however, instilled discomfort among participants, who voiced concerns online that this action signaled heightened scrutiny on digital currency endeavors in mainland China.
The incident occurred following comments made by high-ranking officials at the People’s Bank of China earlier in the week. Authorities announced their intention to collaborate with law enforcement to tighten regulations against digital currency trading and “speculative behavior.”
this solana china event just got into trouble w the local police
be careful doing physical events there – china is getting a bit harsh again on crypto recently https://t.co/9cKICsT63Q
— Jason (∞,
) (@Real0xJason) October 28, 2025
The relationship between China and its government has long been marked by a tough stance on all crypto asset matters, with headlines proclaiming ‘China Bans Crypto’ being a recurring theme over the years.
The comments underscored Beijing’s persistent antagonism toward crypto asset operations, despite its interest in blockchain technology for government-backed initiatives.
Since 2021, crypto trading and fundraising have been prohibited in China. Nevertheless, local distributed ledger events and developer meetups have persisted in some regions, often pushing the envelope of what regulators deem acceptable. The recent Solana gathering in Shenzhen is the latest incident reflecting China’s crackdown on the acceptance of digital assets.
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SOL USD Plummets to $190: Will It Break $200 or Drop to $50?
The weekly timeframe chart shows that the SOL/USD price has undergone a five-wave breakout beginning in December 2022. This rally peaked with an all-time high of $295 in January 2025, after which SOL has been on a gradual decline.
Currently, Solana
Solana
0.45%
Solana
SOL
Price
$186.69
0.45% /24h
Volume in 24h
$9.40B
Price 7d
is currently in wave C of an A-B-C correction, should this count be accurate. Wave B is situated within an ascending parallel channel, indicating that the recent surge was misleading.
If the price falls below this channel, it will affirm that the bounce has concluded, and wave C may drive new lows. The initial target for a temporary low is estimated at $128, but if the correction follows the waves, Solana’s price could further dip to approximately $60.
Conversely, if the SOL USD price can maintain levels above the channel around $185, it could retest the 1.61 fib level at around $220. This momentum could be sustained if trading market conditions permit, potentially keeping Solana within the channel all the way up to $320 and beyond.
Solana Gains Momentum from a Surge of Positive Announcements
We’re only halfway through the week and we had:
– multiple $SOL ETFs, with ledger first-day inflows;
– @WesternUnion building exclusively on Solana;
– @solana dropping the coldest Wall Street commercial;
– $500B+ in weekly stablecoin transfers;
– @heliuslabs launching Orb;
-… https://t.co/kbBEBrDbDC— Sharps Technology (@stsssol) October 30, 2025
A flurry of favorable announcement regarding Solana could help stabilize the SOL USD price movements. The Bitwise Solana ETF gained approval from the US SEC on October 28, launching the same day with impressive trading volumes exceeding $10 million.
In addition to that, the Solana team also revealed that Western Union will solely rely on its distributed record, following the footsteps of Visa, Stripe, and PayPal, all of which employ Solana’s protocol for their various distributed ledger initiatives.
Moreover, favorable macroeconomic announcement is also bolstering support: the US Federal Reserve reduced interest rates by 25 basis points as anticipated, and signs of advancement toward a possible US-China trade agreement are surfacing after positive dialogues from both parties following President Trump’s meeting with Xi Jinping in South Korea earlier today.
With the considerable momentum building around Solana and the larger market, SOL USD traders will be keen to see if its current price of $190 shifts toward $200, with a successful breach of that critical threshold being essential for any movement back toward $300.
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The post SOL USD Drops After Chinese Police Raid Solana Event in Shenzhen appeared first on 99Bitcoins.
