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The Solana price dropped 3% in the past 24 hours to trade at $119.32 as of 12:31 a.m. EST on trading volume that surged 106% to $7.1 billion.
This decrease in the SOL price coincided with a broader market pullback, with the crypto space plunging 3% in the last 24 hours to a $2.77 trillion market capitalization.
That’s as a result of President Trump’s decision to slap a 10% tariff on most goods imported to the United States, as well as higher duties on dozens of countries from rivals to allies.
🚨We just saw one of the largest tariffs in US history😱
-185 countries will suffer tariff war
-S&P 500 futures erased -$2 TRILLION of market cap in under 15 minutes.
-The total crypto market cap is down -3.3% from $2.88T to $2.78T today
Trump announced , “and now we are… pic.twitter.com/iyaHz7cXEy
— Trader Naman (@namantrader) April 3, 2025
This hike in tariffs has intensified global trade war that threatens to stoke inflation and stall growth.
Is The SOL Price Preparing For A Bullish Reversal?
The SOL price chart reveals a well-defined price action characterized by a double-top pattern, which is a classic bearish reversal pattern.
The Solana price reached two distinct peaks, marked as points (1) and (3), before breaking below the neckline support near the $180 level, according to GeckoTerminal data. The breakdown from this pattern led to a strong bearish decline, confirming the trend reversal.
Following the breakdown, SOL found support within the Fair Value Gap (FVG) area. This level has acted as a demand zone, helping the price consolidate.
Recently, the price of Solana appears to have reached a key pivot point labeled as (4), suggesting the potential for a new impulsive wave to the upside, aligning with Elliott Wave theory.
The 50-day Simple Moving Average (SMA) is currently at $144.06, while the 200-day SMA sits at $182.97. With SOL trading below both SMAs, the trend remains bearish in the short term.
The Relative Strength Index (RSI) is at 39.34, indicating that SOL is nearing oversold conditions. This suggests that selling pressure might be weakening, increasing the likelihood of a potential reversal or at least a short-term bounce from the support zone.
Solana Price Prediction
The SOL/USDT on the 1-day timeframe hints at a possible bullish wave (5) forming after the correction.
If the support zone around $115-$120 holds, the Solana price could initiate an upward move toward the $144 level, where the 50-day SMA presents a key resistance. A breakout beyond this point could drive prices towards $182, coinciding with the 200-day SMA and previous support-turned-resistance levels.
Conversely, if SOL fails to hold above the current support, it may revisit lower levels, potentially targeting the $100 psychological support before attempting another rebound.
Meanwhile, investors are buying a new Solana coin called Solaxy (SOLX), which popular YouTube channel 99Bitcoins, with over 725K subscribers, says has the potential to soar 100X post-launch.
Solaxy Presale Closing On The $29 Million Mark – Best Alternative To Solana?
Solaxy has roared past the $28.9 million milestone in its presale, revealing new developer upgrades to mark the achievement.
The latest enhancements include an improved transactions per second (TPS) rate, enhanced data throughput, and optimized rollup performance, all key steps as Solaxy gears up to elevate Solana’s efficiency as its first scaling solution.
Solaxy is the first Layer-2 meme coin built to enhance Solana’s scalability and tackle network congestion, all while slashing transaction costs.
By optimizing Solana’s infrastructure, Solaxy isn’t just another project, it’s shaping the future of Solana-based crypto launches.
Its ambitions don’t stop there. Built with cross-chain technology, Solaxy merges the best of Solana and Ethereum. Therefore, SOLX creates a powerful asset that stands out in the market.
Moreover, once launched, Solaxy will provide a platform where developers can build decentralized applications or launch new tokens without compromising (and possibly even improving) Solana’s Layer-1 capabilities.
🚨 Solaxy is now live in Upcoming Tokens! 🚨@SOLAXYTOKEN gives holders an opportunity to join the first-ever Solana Layer 2 blockchain.
Solaxy is set to enhance blockchain innovation through limiting congestion, reducing failed transactions, and improving scalability on SOL.… pic.twitter.com/satNF6zFNF
— Best Wallet (@BestWalletHQ) December 17, 2024
Investors interested in participating in the presale can visit the official Solaxy website to buy SOLX tokens for $0.001682 each using BNB, ETH, USDT, or a bank card.
Solaxy also offers holders who stake SOLX a huge annual yield of 141%.
Interested investors will want to buy SOLX before the next presale price hike in less than 9 hours.
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Best Wallet - Diversify Your Crypto Portfolio
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