Solana Price Recovers 7.5% After Falling to Three-Week Low
Solana (SOL) is experiencing a recovery with a 7.5% price increase in the last 24 hours, rebounding from a three-week low of $175 after a significant market correction.
- Over the weekend, Solana faced a 27% decline, dropping to its lowest point due to a broader market crash influenced by new US tariffs.
- The recent tariff announcement by President Trump led to fears of a global tariff war, causing major sell-offs across the market, including Bitcoin and Ethereum.
- At least $2.3 billion was liquidated during this period, with some estimates suggesting losses could reach $10 billion.
- Solana lost key support at $200 and fell below $180 on Sunday night, raising concerns among analysts about potential further declines.
- Analysts suggest that SOL needs to hold above the $170-180 support zone to maintain upward momentum and break through the $200 resistance.
- Despite the adverse conditions, SOL has shown relative strength, maintaining its price range post-US elections.
- Current trading indicates Solana is priced at $211 as it aims to retest the $240 resistance level.
