Solana Holds Near $100 After Fed Hike and CLARITY Vote

Solana's price has stabilized near $100 after a pullback earlier this week, driven by a failed U.S. Senate vote on digital asset regulation and the Federal Reserve's first interest rate hike in over three years. The cryptocurrency dropped from above $101 to under $96 following the events on September 16, 2026, but has since recovered as markets digested the developments. The Federal Reserve raised its benchmark interest rate by 25 basis points on September 16, bringing the target range to 3.75-4.00%. This marked the central bank's first rate increase since 2023, with officials citing persistent inflationary pressures. The decision pushed the U.S. dollar to a seven-week high, adding pressure on dollar-denominated assets like cryptocurrencies. On the same day, the U.S. Senate failed to advance the Digital Asset Market CLARITY Act, which aimed to establish a comprehensive regulatory framework for digital assets and clarify the roles of the Securities and Exchange Commission and the Commodity Futures Trading Commission.