Tariff Concerns Cause Solana to Lose Weekend Price Gains
President Trump announced that SOL could be included in the upcoming US crypto strategic reserve, potentially alongside BTC, ETH, XRP, and ADA. This news led to an initial surge of SOL to $178, followed by a decline to around $141, reflecting a 10% gain from $128 prior to the announcement.
Key points include:
- Broader market turbulence influenced SOL's volatility.
- US trade war uncertainties are affecting equities and risk assets.
- Bitcoin fell from $95,000 to $88,400 post-announcement.
- Solana's onchain activity decreased; active addresses dropped from 18.5 million to 8.4 million.
- CME plans to launch Solana futures on March 17, attracting institutional interest.
Future projections suggest stabilization before another push towards $160-$180, with $125 identified as a potential support level if sell pressure continues.