Solana (SOL) has reclaimed $206.37 after its recent plummet to $186. The asset has rallied 5.1% in the daily charts and 112.7% since February 2024. Despite the rally, SOL is still down by 14.9% in the weekly charts, 12.5% in the 14-day charts, and 4.6% over the previous month.
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Why Is The Crypto Market Rallying Today?
Solana (SOL) had quite a bullish month in January. The asset hit a new all-time high of $293.31 on Jan. 19, 2025. SOL’s price has dipped by nearly 30% from its January peak. The crypto market faced a substantial correction on Monday, Feb. 3, 2025, after President Donald Trump announced tariffs on Canada and Mexico.
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The crypto market seems to be resurging today. Bitcoin (BTC) briefly reclaimed the $100,000 level. The resurgence is likely due to President Trump pausing tariffs for 30 days. SOL and other cryptocurrencies have responded positively to the decision.
Can Solana Hit $250 This Week?
According to CoinCodex, SOL will rise to around $234 and consolidate around that level. Hitting $234 from current price levels will entail a rally of about 13.39%. CoinCodex anticipates SOL to face a dip to around $215 in March. The platform does not expect SOL to hit $250 anytime soon.
The crypto market could face another correction very soon. The Trump administration could reinforce tariffs after the 30-day period. The 30-day pause is a temporary decision. The tariffs may make a permanent comeback if the taxed countries do not produce the required results. In such a scenario, Solana (SOL) and other cryptocurrencies could suffer.
Also Read: US Stocks: Which Was Hit the Hardest by Trump’s Tariffs?
There is also a possibility that the cryptocurrency market will continue its upward movement. A permanent pause in tariffs could lead to a surge in investor confidence. Solana (SOL) could surge under such conditions.