- Solana’s price continues to rise on Monday, adding to its 5.32% recovery from last week.
- New reports indicate that the White House is refining its strategy regarding tariffs scheduled for April 2, likely excluding certain industry-specific tariffs.
- The technical analysis indicates a potential rally towards $160 as SOL surpasses a significant resistance level.
As of Monday, Solana (SOL) has seen its price increase by almost 4%, trading above $138 after a 5.32% recovery last week. News emerged that the White House is refining its tariff strategy for the upcoming April 2 deadline, suggesting the exclusion of certain industry-specific tariffs. This development has contributed to an uptick in riskier assets, including cryptocurrencies like Solana. The technical outlook shows that a rally towards $160 could be possible, especially as SOL breaks through a crucial resistance point.
White House tariff announcement boosts crypto market recovery
A report on Monday indicated that the White House is re-evaluating its stance on tariffs that are set to take effect on April 2, which may now exclude certain industry-specific tariffs. Instead, reciprocal tariffs are expected to be imposed on a select group of nations, which represent a significant portion of foreign trade with the United States. This news contributed positively to the crypto market ahead of an early Asian trading session, driving notable increases in major cryptocurrencies, including Bitcoin, which surpassed $87,000. Solana also experienced a surge, climbing nearly 4% by the time of writing on Monday.
The report outlines that US President Trump has labeled April 2 as “Liberation Day,” the date when he plans to enact reciprocal tariffs aimed at equalizing US duties with those of trade partners, along with sector-specific tariffs on industries such as automobiles, pharmaceuticals, and semiconductors, all of which he has vowed to implement on that day.
However, the announcement regarding these sector-specific tariffs may not happen on April 2, according to an administration official. While reciprocal tariff actions are still expected to be revealed, details remain fluid. This shift was first reported by Bloomberg.
The future of these sector-specific tariffs, as well as those on Canada and Mexico, justified by fentanyl trafficking claims, remains unclear.
“The White House has not yet responded to inquiries about the potential implementation of these tariffs,” the report stated.
Furthermore, Donald Trump showed support for a TRUMP memecoin on Solana via his social media platform, Truth Social, on Sunday.
Trump expressed, “I LOVE $TRUMP — SO COOL!!! The Greatest of them all!!!!!!!!!!!!!!!!”
This endorsement resulted in the price of the Trump memecoin surging nearly 17%, reaching a high of $12.51 for the day. Nevertheless, it still remains down approximately 85% from its peak of $77.24 in January, based on Binance’s data.
Solana’s technical outlook: SOL surpasses descending trendline
On Sunday, Solana’s price broke and closed above a descending trendline formed by connecting several highs from mid-January, which contributed to a 3.37% rise that day. As of Monday, SOL has continued its upward trajectory, now trading above $138 and showing a 4% increase.
If SOL maintains its upward movement, the rally could extend by another 15%, targeting the next resistance level at $160.
The Relative Strength Index (RSI) on the daily chart is recovering from oversold levels, currently at 49 and trending upwards just below the neutral zone of 50, indicating diminishing bearish momentum. The Moving Average Convergence Divergence (MACD) indicator also signaled a bullish crossover last week, providing a buy signal and hinting at a forthcoming rally.
SOL/USDT daily chart
However, if SOL were to drop and close below the daily support level at $118.10, it could potentially extend its decline towards the March 11 low of $112.