Solana Price Hits Resistance as Market Momentum Builds

Solana, the cryptocurrency, rose 1.74% to $121.42 over 24 hours on October 4, following softer U.S. employment data and another positive session for Solana exchange-traded funds. The softer jobs data supports market sentiment, with U.S. employers adding 29,000 jobs in September, while unemployment reached 4.2%, according to the Bureau of Labor Statistics. Revisions also reduced July and August hiring by a combined 60,000 jobs. Matt Mena, senior crypto research strategist at 21shares, linked the cryptocurrency market's recovery to softer hiring and reduced expectations for further monetary tightening.

He argued that weaker employment could give the Federal Reserve room to hold interest rates into 2027. Mena also outlined a Solana price forecast, stating, 'With momentum building, we see Ethereum breaking $3K toward $4K and Solana reclaiming $125 on its way to $140.'

Solana ETF buying slowed after September's surge, with U.S. spot Solana ETFs receiving $1.3 million in net inflows on October 2. However, reports differ on the weekly total, with one account attributing its data to SoSoValue putting net inflows at $2.4 million for the week ending October 2, compared with $188 million the previous week.