U.S. tech sell-off spills into crypto: Solana slides to $89.63 as AI spending fears mount

Following the U.S. midterm elections, U.S. tech stocks experienced a sharp sell-off, especially after investors grew increasingly anxious over the political and economic landscape and questioned whether heavy capital flow into AI infrastructure could generate returns in the near term. The Nasdaq dropped 5.5%, marking its biggest one-day loss in 18 months and making investors more cautious. This sell-off also affected the crypto market, with Solana [SOL] falling 6.86% to $89.63 in the last 24 hours. What made the decline worse were concerns within the Solana ecosystem. Notably, lending protocol Loopscale stopped operations after a security issue, while an upcoming validator upgrade deadline created more uncertainty for the network. At the same time, over $11 million in long SOL positions were liquidated in an hour, thus increasing the selling pressure.

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