A Solana community event in Shenzhen, China, was abruptly shut down earlier this week after local police arrived to investigate overcrowding, according to the South China Morning Post. SOL USD has tumbled 2.2% today and is now trading under $200, with the latest FUD from China not helping matters.
The gathering was part of the Solana Accelerate APAC series and took place on Tuesday (October 28), before being cut short when officers entered the venue and promptly sent everyone home.
Solana Hackathon in China Shut Down for Exceeding Capacity
Organizers said the site had exceeded capacity and canceled the final hackathon “for public safety.” The police presence, however, caused unease among attendees, who expressed concerns online that the intervention reflected broader scrutiny of crypto activities in mainland China.
The incident came after remarks from senior officials at the People’s Bank of China earlier in the week. Authorities stated they would continue working with law enforcement to clamp down on cryptocurrency 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
There has been a longstanding issue with China and its Government being tough on all forms of crypto, with ‘China Bans Crypto’ headlines a common theme throughout the years.
The comments highlighted Beijing’s ongoing hostility toward cryptocurrency activities despite its interest in blockchain technology for government-backed projects.
Crypto trading and fundraising have been banned in China since 2021. Still, local blockchain events and developer gatherings have continued in some cities, often testing the limits of what regulators consider acceptable. The recent Solana meetup in Shenzhen is the latest casualty of China’s suppression of digital asset adoption.
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SOL USD Tanks to $190: Can $200 Finally be Breached or is $50 Next?
The weekly time-frame chart indicates that the SOL/USD price has completed a five-wave upward movement that began in December 2022. This upward movement culminated in an all-time high of $295 in January 2025, after which SOL has been on a steady decline.
Currently, Solana
Solana
4.07%
Solana
SOL
Price
$73.34
4.07% /24h
Volume in 24h
$1.99B
Price 7d
Learn more
is in wave C of an A-B-C correction, assuming the count is accurate. Wave B is contained within an ascending parallel channel, suggesting the recent rally was a fakeout.
If the price breaks down from this channel, it will confirm that the bounce has ended, and wave C may lead to new lows. The initial target for a temporary bottom is projected at $128, but if the correction unfolds as per the waves, Solana’s price could decline further to around $60.
However, if the SOL USD price can hold above the channel at around $185, it could retest the 1.61 fib at around $220. This momentum could be maintained if the market allows, potentially keeping Solana within the channel all the way to $320 and beyond.
Monentum For Solana Boosted by a Wave of Bullish Announcements
We’re only halfway through the week and we had:
– multiple $SOL ETFs, with record 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 wave of positive developments for Solana could stabilize the SOL USD price action. The Bitwise Solana ETF received approval from the US SEC on October 28 and launched the same day with strong trading volume of over $10m.
Adding to the optimism, the Solana team also announced that Western Union will build exclusively on its blockchain, following in the footsteps of Visa, Stripe, and PayPal, all of which use Solana’s network for their respective blockchain projects.
Meanwhile, broader macro news is also supportive: the US Federal Reserve cut interest rates by 25bps as expected, and signs of progress toward a potential US–China trade deal are emerging following positive comments from both sides following President Trump’s meeting with Xi Jinping in South Korea earlier today.
With so much momentum with Solana and the broader crypto market right now, SOL USD traders will want to see its current price of $190 move toward $200, with a flip of that crucial level key for any move back toward $300.
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