Solana Price Surge Amid Bitcoin Rally and Tariff Updates

The price of Solana jumped on Monday as Bitcoin neared $90,000 and investors assessed potential tariff impacts.

President Trump’s administration is still planning on imposing “reciprocal tariffs” in nine days, targeting U.S. trading partners. However, specific countries and certain goods may be exempt, easing fears of escalating trade tensions, according to Bloomberg and The Wall Street Journal.

Despite plans for new tariffs, Trump announced that from April 2, countries engaging in oil and gas trade with Venezuela would incur a 25% tariff on their U.S. trade, labeling April 2 as “Liberation Day.” The date has garnered significant attention following prior tariff delays on Mexico and Canada.

Although Bitcoin price has risen, analysts from Singapore’s QCP warned of potential downward pressures from upcoming tariff escalations. Bitcoin rose 4.2% to approximately $88,500, while Solana increased by about 8% to $142.

QCP noted that Bitcoin’s rise appears driven by genuine demand rather than speculative futures market activity, as outstanding Bitcoin futures contracts totaled $53 billion, lower than previous months, per CoinGlass.

Investment products in crypto have shown recovery, ending a five-week losing streak, as traders leverage to boost positions, which can lead to sudden market pullbacks, according to Amberdata’s Greg Magadini.

In addition, Solana’s rebound occurred while certain meme coins also showed signs of recovery, such as Solana-based Fartcoin (FARTCOIN) rising 15% to $0.56. Interestingly, Trump mentioned his own Solana-based meme coin, which also saw a 3% increase to around $11.81.

Edited by James Rubin