24 March | Other

Solana topped $140 on optimism over US tariffs and record network activity

Solana topped $140 on optimism over US tariffs and record network activity

The Solana (SOL) exchange rate jumped more than 7% overnight, topping $140 and outperforming its peers amid positive reaction to rumors that President Trump's less strict tariffs will go into effect on April 2. SOL's growth far outpaced that of the major cryptocurrencies, with BTC up just 2.7% and XRP up 2.5%.

Solana's rate hike coincided with record adoption of the network. The total value locked (TVL) reached 54.87 million SOL, the highest since June 2022. The number of weekly active addresses (17 million) far exceeded that of Ethereum (1.8 million). The Binance exchange also saw an increase in SOL accumulation, with transfers from Ethereum to Solana exceeding $72 million.

Institutional interest in the asset is also growing. On March 21, Nasdaq launched derivatives-based ETFs, SOLZ and SOLT. In addition, Franklin Templeton and Volatility Shares have also filed to launch ETFs.

This week, investor attention is focused on the release of the US Personal Consumption Expenditures (PCE) price index and the US Senate hearing on March 27 where SEC nominee Paul Atkins will speak. These events could increase volatility in the SOL market, as reported by FxLeaders.

Elena Dorohina MarketCheese
Brent sell
Period: 31.05.2025 Expectation: 240 pips
Brent crude prices fall amid supply glut and dollar weakness
Yesterday at 10:48 AM 26
Elizabeth_Kuzmicheva
Elizabeth_Kuzmicheva

Listed among the best MarketCheese authors
1st in the segments "Metals" and "Oil and gas"
Period: 30.05.2025 Expectation: 1000 pips
GBPUSD will rally towards 1.35500 amid further dollar weakening
Yesterday at 08:18 AM 28
Period: 29.05.2025 Expectation: 1000 pips
AUDCAD is completing its correction phase and may soon retest 0.9 level
Yesterday at 07:26 AM 16
Period: 28.05.2025 Expectation: 250 pips
Upward momentum in gas prices lasted only one day
22 May 2025 31
Period: 28.05.2025 Expectation: 2733 pips
Selling USDJPY amid concerns over US fiscal situation with target at 140,900
22 May 2025 36
Period: 26.05.2025 Expectation: 62000 pips
Major Ethereum holders drive buying pressure toward 2,700 level
22 May 2025 41
Go to forecasts