SOL Crosses $140 After Surging 6%
Over the past 24 hours, Solana’s price has increased by 6% as investors weigh whether US President Donald Trump will impose narrower trade tariffs than initially feared.
On Sunday, The Wall Street Journal and Bloomberg reported that Trump’s government would go ahead with its plans to impose ‘reciprocal tariffs’ on various countries early next month but will exempt certain goods from import taxes.
While that report has eased trade tensions seen since Trump returned to the White House, the US President announced a new tariff on Monday, imposing a 25% tax on imports from countries buying gas and oil from Venezuela. This tariff and others will take effect on April 2nd.
Analysts Say Trump’s Tariffs Could Halt Solana’s Recovery Rally
Although Solana has trended upward in the past 24 hours, trading company QCP says the coin could struggle to maintain momentum due to expected tariff escalations, which are likely to put crypto and other risky financial instruments under selling pressure.
Also read:SOL isn’t the only token within the Solana ecosystem witnessing an uptick. Meme coins like Fartcoin and TRUMP have risen at least 5% today. It is worth mentioning that the US President has contributed to causing the TRUMP meme coin to rally after mentioning it on his Truth Social account.
Bitcoin Mirrors Solana’s Price Action, Rallies 4%
Alongside Solana, Bitcoin is also trending upward. Data from CoinGecko shows the largest coin by market valuation priced at $87,832, following a 4% rally in the past day. Analysts at QCP have noted that BTC’s latest surge is driven primarily by spot demand, not liquidated leveraged trades in the futures market.
However, they explain that most Bitcoin rallies in recent weeks have been triggered by liquidations on short trades. When short positions get liquidated at a particular level, BTC tends to rise to the next resistance.
Meanwhile, the latest uptrend has renewed investors’ interest in Bitcoin ETFs. According to CoinShares’ data, BTC exchange-traded funds have recorded net inflows worth $142 million in the past 24 hours after losing over $5 billion for five consecutive weeks.
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