China Targets Solana Over Shanghai Ads as SOL Crypto Tests Critical $90 Support

Solana price dropped below $90 on Nov. 6 as Chinese regulators confirmed intervention in a Shanghai promotional event. A People’s Bank of China official said authorities halted the October gathering over cryptocurrency advertising violations. According to Solana news, the central bank announced plans to investigate domestic companies and individuals involved.

Organizers previously attributed the postponement to excessive registrations. Solana price also faced pressure from ETF withdrawals and reduced futures exposure.

Solana Price Slips as China Confirms Shanghai Event Halt

The People’s Bank of China said Solana worked with local organizations to advertise its brand in Shanghai. One campaign placed a large promotion outside Citigroup Tower in Lujiazui, the city’s financial district. Officials classified the advertisements as cryptocurrency marketing under China’s restrictions on virtual currency activities.

The central bank coordinated with financial regulators, police, and market supervision departments to halt the Solana Accelerate China 2026 gathering. Organizers had planned the Shanghai meeting for October 16. 

Authorities now intend to examine the domestic businesses and individuals involved in the campaign. Officials have not named the parties under investigation or announced any fines. 

Solana News: Organizers Cited Attendance Problems

The Solana Foundation had arranged events in Shanghai, Hangzhou, Shenzhen and Beijing between October 16 and 22. The Solana news covered blockchain infrastructure, artificial intelligence, payments and related technologies. However, visitors encountered entry restrictions at the Shanghai venue, and organizers suspended the gathering.

Solana Foundation President Lily Liu initially linked the postponement to crowd management. In an October 16 post, Liu said registrations increased fourfold overnight and exceeded the capacity organizers had registered with authorities. She said the team would postpone the meeting to comply with local requirements.

Binance co-founder Changpeng Zhao questioned whether organizers had understood China’s policies. He also referred to an earlier disruption involving a Solana event in Shenzhen. The central bank’s subsequent statement attributed the Shanghai intervention to prohibited advertising.

Central Bank Plans Wider Crypto Enforcement

A People’s Bank of China official said authorities regard SOL as a virtual currency. The official also cited Solana’s role in supporting the issuance and trading of other digital assets, including USDT. Chinese regulators therefore consider domestic promotion of the network a breach of their cryptocurrency rules.

In February 2026, the central bank and seven other agencies reaffirmed restrictions on cryptocurrency trading, token issuance and related financial services. Their notice also addressed local businesses that assist overseas platforms serving mainland customers. 

Rules covering unauthorized yuan-linked stablecoins and certain tokenized assets received additional scrutiny.

China has restricted cryptocurrency activity for years. Regulators ruled against Bitcoin‘s use as legal currency in 2013 and classified cryptocurrency trading services as illegal financial activities in 2021. The central bank now says it will focus enforcement on domestic dealers and local affiliates of overseas crypto platforms.

Solana Price Prediction: SOL Tests $90 Support

Amid the Solana news, SOL crypto traded near $90 on Friday, after losing more than 6% during the last 24 hours. The token approached an ascending trendline around $89.83 that connects lows from June. A recent Solana price prediction identified $87.21 as the next horizontal support if buyers fail to defend the trendline.

Market data also show weaker positioning. CoinGlass recorded a decline in SOL futures open interest from 62.71 million tokens on Monday to 59.45 million. Thursday’s liquidations reached $42.87 million, including $39.37 million in long positions.

Solana ETFs recorded $1.18 million in net withdrawals on Thursday, following $71.47 million in outflows the previous week. The daily Relative Strength Index stood at 29, while the MACD remained below its signal line.

A sustained decline beneath $87.21 could bring the August support area around $70.58 into view.

Conversely, a SOL crypto recovery above the trendline would place the 200-day exponential moving average at $99.62 in focus. The 50-day average near $101.92 marks another nearby SOL crypto resistance level.

This article is for informational purposes only and does not constitute investment advice. Cryptocurrency prices carry substantial risk.