Solana Surges Above $139 Amid Trump Tariff Optimism and Record Network Adoption
Solana (SOL) has surged over 7% in the past 24 hours, trading above $139 as markets respond positively to reports that President Trump’s upcoming April 2 tariffs may be more targeted than initially feared. The eighth-largest cryptocurrency, SOL/USD is outperforming many of its peers, with Bitcoin BTC/USD up 2.7% at $86,500 and XRP XRP/USD rising 2.5% to $2.44.
Crypto Market’s Optimism Returns
Weekend rumors implying Trump’s intended “reciprocal tariffs” will include country exemption and maybe non-cumulative charges on metals reflect the better sentiment. With S&P 500, Dow Jones, and Nasdaq futures all climbing over 0.5%, this development has buoyed world markets.
Maintaining projections for two rate cuts this year, the Federal Reserve recently described possible tariff-induced inflation as “transitory,” therefore supporting risk assets. BitMEX co-founder Arthur Hayes expressed hope that the Fed’s policy orientation would help Bitcoin to achieve “$110k before it retests $76.5k”.
Solana Network’s Record Growth – TVL Nears 55M SOL
Solana’s pricing momentum lines up with hitherto unheard-of acceptance rates. While DeFiLlama notes Solana’s total value locked (TVL) has hit 54.87 million SOL—its greatest level since at least June 2022—data from Ali Charts reveals a record 11.09 million addresses now possess SOL.
Especially, over $72 million in assets have lately been bridged from Ethereum to Solana; Solana’s weekly active addresses (17 million) much exceed Ethereum’s (1.8 million). Rising SOL wallet balance of Binance also points to fresh accumulation following recent selling activity.
Institutional Interest Grows Despite Solana’s Controversies
As Volatility Shares opens two Solana futures ETFs (SOLZ and SOLT) on Nasdaq on March 21, institutional acceptance is growing. Franklin Templeton and VanEck among several other significant asset managers have also applied for spot Solana ETFs.
These encouraging trends notwithstanding previous Bloomberg stories portraying Solana as a “breeding ground for pump and dump memecoin ‘cabals'” which insider organizations purportedly profit at retail investor loss. Notable memecoins connected to Donald Trump, Melania Trump, and President Javier Milei of Argentina have all witnessed sharp post-launch price declines.
Solana co-founder Anatoly Yakovenko, meantime, has rejected the need for Layer-2 solutions, contending that Layer-1 blockchains such as Solana provide exceptional speed, affordability, and security free from “slowing down by a glacially moving L1 data availability stack.”
SOL/USD Technical Analysis: Key Levels to Watch
Glassnode data points to notable supply clusters at strategic pricing points. There is a main resistance zone at $144, where roughly 27 million SOL (about 5% of total supply) is concentrated. Many investors who entered at the all-time high around January could find themselves motivated to sell at this break-even point.
Strong support has developed at $112; long-term investors doubled their holdings to reach 9.7 million SOL since January. But a concerning “supply gap” persists between $94 and $56, maybe quickening any drop below $100.
Reflecting diminishing trading activity despite the price rise, Solana’s velocity has also reached its lowest point in five months.
Solana Price Prediction: Watch Resistance at $144
Investors are now keeping an eye on Friday’s PCE inflation estimate as well as the Senate Banking Committee’s hearing scheduled for March 27 featuring SEC nominee Paul Atkins. Although Solana’s growing acceptance and institutional interest show a good long-term picture, technical constraints at $144 and diminishing market velocity point to possible near-term pullback.
Solana stays a top Ethereum substitute for now, even as it negotiates the tricky dynamics of controversial memecoin activities and postures itself against the expanding layer-2 ecosystem.
ABOUT THE AUTHOR
See More
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals