Can SOL Recover After Dropping 5%?
The post Can SOL Recover After Dropping 5%? appeared on BitcoinEthereumNews.com.
Solana’s price drops 5% after U.S. tariff announcement, reflecting broader market decline. Futures market data shows growing interest in Solana despite recent price dips. Technical indicators suggest potential for price reversal with increased buying pressure. Solana (SOL) has recently recorded a decline in its price, mirroring the broader trends in the crypto market. Following the U.S. president’s announcement regarding new tariffs, SOL dropped by 5% within 24 hours. This price movement reflects a larger market downturn, with many cryptocurrencies losing between 3% and 4% of their value. Despite these short-term fluctuations, analysts remain optimistic about Solana’s potential for a recovery, with projections indicating a possible price target of $220 before April 10th. Solana had been on an upward move before the tariff announcement disrupted the market, causing SOL to fall below the $145 mark. However, some analysts see the price drop as temporary. However, as of press time, Solana was trading at $125.85, recording a 0.56% increase over the past 24 hours. SOL’s market capitalization has reached $64.49 billion, with a 24-hour trading volume of $3.13 billion, reflecting a 2.81% increase in trading activity. Source: CoinMarketCap Over the past day, the price fluctuations saw Solana drop below $125, followed by an increase above $128, before settling back at $125.85. SOL’s circulating supply stands at 512.5 million, with a total supply of 597.53 million, while the cryptocurrency’s trading volume relative to its market cap is 4.82%, suggesting healthy trading activity and market engagement. Solana’s Futures Open Interest Shows Growing Interest In addition to the price movements, Solana’s futures market data indicates increasing interest in the cryptocurrency. Over recent months, both SOL’s price and its future open interest have risen. From late December 2024 to early March 2025, SOL’s price surged from around $10 to over $150, matching a spike in open…
Filed under: News - @ April 2, 2025 2:23 am