Solana Slumps as Market Correction Continues Amid Rate Hike Fears

Solana's price has been on a rollercoaster ride in recent days. The cryptocurrency, which had been stuck in a prolonged sideways movement, broke through the $100 mark following a broader rally led by Bitcoin, which surged to $80,000 before pulling back.

However, Solana's momentum was short-lived as it experienced a 3.4% decline in the past 24 hours despite rallying 34.4% over the last two weeks and gaining more than 39% throughout the previous month.

The cryptocurrency is currently facing significant resistance near the $109 price level, mirroring corrections observed across the wider cryptocurrency market.