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Solana (SOL) Price Spikes 13% After Trump Pauses Tariffs and Markets Rebound
The cryptocurrency market is known for its volatility, and recent events have triggered a significant reaction. Solana’s price has surged by an astonishing 13%, trading at approximately $114 as of Thursday morning.
This sudden increase in value can be attributed to the announcement made by U.S. President Donald Trump regarding a 90-day pause in tariffs. This decision has led to a widespread rebound in both cryptocurrency and traditional stock markets.
It’s worth noting that Solana’s network activity has also experienced a significant surge, with $2.77 billion in DEX volume recorded in the past 24 hours. This sudden rise in on-chain data suggests that top DeFi developers are revitalizing their protocols to attract new users worldwide.
As a result, whales have begun accumulating SOL assets once again, with one notable whale purchasing 32,000 SOL tokens, worth approximately $3.72 million, over the course of the past day alone. This significant purchase further reinforces the notion that whales believe in Solana’s potential for future growth and are taking steps to secure their positions.
Solana’s price has been steadily moving upwards since mid-March, which could be indicative of an impending “altseason” for the altcoin market. The cryptocurrency’s current price action is eerily reminiscent of its 2022 performance, when it rose from $8 to a high of over $120 during that time.
Following the support level above $105 and the anticipated New York markets opening later today, SOL may attempt to regain this critical area once more. If successful, this would put the cryptocurrency in prime position for further growth.
The recent surge in Solana’s price has led many analysts to speculate about whether we are witnessing a dead cat bounce or if this is merely the beginning of a much larger rebound.
Source: https://coinpedia.org/price-analysis/solana-sol-price-spikes-13-after-trump-pauses-tariffs-and-markets-rebound/
