Solana (SOL), a top-tier layer one (L1) chain in the list of web3 projects made in the United States, registered a 13 percent rise in the past 24 hours to trade about $114 on Thursday, April 10 during the early Western financial markets. Solana price followed a wider crypto and stock market recovery after U.S. President Donald Trump announced a change in trade wars.
“I have authorized a 90-day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10 percent, also effective immediately,” Trump noted.
Solana Network Activity Spikes
In the past few weeks, the Solana network has recorded a significant decline in on-chain activity. However, top DeFi developers on the Solana ecosystem have been juicing up their protocols – led by the reintroduction of streaming services on Pump.fun – to attract new users globally.
According to market data from defillama, Solana’s DEX volume led other layer one chains in the last 24 hours, after hitting $2.77 billion.
As more fund managers, led by Fidelity, push the U.S. SEC to approve spot Solana ETFs, on-chain data shows a spike in whale activity for SOL. For instance, on-chain data provided by Lookonchain, a long-term whale purchased 32k SOL in the past 24 hours.
Dead Cat Bounce or Further Rebound Ahead?
SOL price has followed the wider altcoin market, led by Bitcoin (BTC), in bearish sentiment since the second inauguration of Trump. The large-cap altcoin, with a fully diluted valuation of about $69 billion, has been forming a potential megaphone structure in the daily timeframe.
After rebounding from a crucial support level of around $105, the SOL price is likely to form a reversal pattern in the coming days, especially in preparation for the anticipated 2025 altseason.
Depending on the unfolding U.S.-China trade war, SOL price is likely to regain the support level above $120 after the New York markets open later today.
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