Solana's 30-day rally of 44% held as buyers defended the $100 support level, with trading volume jumping 64% to $3.5 billion. The move persisted even as CME FedWatch data showed the odds of a September Fed rate increase rebounding to 58% after strong US jobs data, leaving $120 as the next target.
Buyers have repeatedly stepped in near $100, and that defense has powered Solana to a 44% advance over the past month while 24-hour trading volume jumped 64% to $3.5 billion.
The rebound held even as expectations for a Federal Reserve rate increase in September rebounded to 58%, according to the CME FedWatch Tool, after stronger-than-expected US employment data briefly pushed the odds to 50%. August nonfarm payrolls rose by 162,000, roughly triple the consensus estimate of 53,000, reviving bets on tighter policy at the Fed's Sept. 16 meeting.
Volume of $3.5 billion represented almost 6% of Solana's circulating market capitalization, a sign demand stayed resilient while the White House and the Federal Reserve clashed over the interest-rate outlook. President Donald Trump renewed pressure on the Fed to cut rates, saying on Truth Social that the US should suspend trade with deficit-running countries if borrowing costs are not lowered. Bitcoin, the largest token, slipped to the $78,000 range from above $80,000 over the same stretch, leaving Solana to outperform the broader crypto market as the dollar index rose 0.21% to 99.17.
The concentration of buying at $100, where the token rebounded sharply after testing the level, points to ETF inflows and rising network activity rather than a short-lived squeeze. Spot-driven demand of that kind tends to hold support longer than rallies built on borrowed capital, which unwind quickly when funding costs turn negative.
The next test is $120, a level Solana would need sustained inflows to clear. Next week's US consumer price index and producer price index releases are expected to be decisive for the September rate decision, with Fed Governor Christopher Waller saying the jobs report would not significantly influence his vote. A hotter-than-expected inflation print would strengthen the case for a hike and could cap Solana's upside, while a soft reading would clear the path toward the $120 target. The Fed holds its benchmark rate at 3.50% to 3.75%, and Chair Kevin Warsh said at Jackson Hole that additional hikes remain possible if price pressures persist.
A break above $120 would extend a run that has already outpaced most large-cap tokens this quarter, while a hawkish surprise that breaks $100 would expose Solana to a retest of lower support as rate-sensitive capital rotates toward the dollar.
This article is for informational purposes only and does not constitute investment advice.
