SOL Price Jumps 7.5% as De-Escalating Trade Tensions Boost Market Sentiment

SOL, the native cryptocurrency of the Solana network, bounced 7.5% during Friday's U.S. market session to trade at $121.33.

President Donald Trump’s openness to a trade deal with China and a pause on new tariffs against 75 countries saw a 7.5% bounce in the native cryptocurrency of the Solana network, SOL, during Friday’s U.S. market session.

The cryptocurrency rose to trade at $121.33 after Trump said he was willing to do a trade deal with China, and that he had no plans to raise tariffs further.

However, the former president’s administration had imposed a 10% tariff on $75 billion worth of goods from China, which was set to take effect on September 1. But the White House said Friday that the tariffs would be postponed indefinitely.

In parallel with the broader market gains, the Solana price is teasing a breakout from the multi-month resistance of a falling wedge pattern. Since January 2025, this altcoin has been actively resonating between the two converging trendlines, validating the pattern’s strong influence on the price.

As the macroeconomic pressure eases, the Solana coin price is expected to break higher.

Solana Price Surges as Tariff Tensions Ease

This week, the cryptocurrency market witnessed a bullish turnaround as Donald Trump announced a pause on new tariffs. As a result, we saw a surge in the cryptocurrency prices.

After reaching a low of $103 at the beginning of the week, the Solana price quickly recovered to reach $121, showcasing a 19% surge.

This move followed a period of sideways movement as the coin price struggled to break free from the lower boundary of a falling wedge pattern.

Moreover, the microeconomic pressure is expected to ease further after the White House indicated that former President Trump is open to negotiating a trade deal with China, signaling a potential thaw in the prolonged tariff war.

In addition to the price chart, there are other on-chain signals that suggest a recovery in the Solana network activity. According to TheBlock data, the number of active addresses on the Solana network surged by nearly 20%, recovering from 2.97 million to 3.55 million.

This uptick in active addresses is a bullish indicator, suggesting increased network engagement, higher transaction throughput, and rising investor confidence in Solana’s ecosystem.

If the trend persists, the coin price will gain higher stability and seek suitable support to bounce back from.

Solana Poised to Escape 3-Month Correction

By the press time, the Solana price trades at $1.21 and holds a market cap of $1.62 billion.

With today’s price jump, the coin price is teasing a breakout from the multi-month resistance of a falling wedge pattern. Since January 2025, this altcoin has been actively resonating between the two converging trendlines, validating the pattern’s strong influence on the price.

The daily candle closing above the breached trendline will accelerate the buying pressure and provide an early signal of a trend reversal. The post-breakout rally could drive the asset 46% up to challenge the resistance of $180.

On the contrary, if the breakout candle fails to sustain higher ground and revert within the wedge formation, the coin price could be prolonged till April end.

News data source: kdj.com

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