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.