Solana Price Stuck at $100 as Fed Hikes Rates

Solana's price has been hovering around $100 after recovering from a brief dip below that level. This keeps it within range of its August breakout highs, but two major headwinds are keeping traders cautious.

The token rallied from around $70 to above $100 in August, breaking through a key resistance zone at $90, $97. That former resistance is now acting as support, and how SOL handles this zone will likely set the tone for what comes next.

The Federal Reserve raised its benchmark rate by 25 basis points on Wednesday, marking its first rate hike in over three years. This move tends to make speculative assets like crypto less attractive compared to bonds and cash, and a stronger dollar adds further pressure on dollar-denominated assets.