The dust for the U.S. reciprocal tariffs imposed on more than 100 nations has begun to settle. Bitcoin (BTC) price held above $82k, as the wider altcoin market, led by Solana (SOL), attempts a bullish recovery, following the maximum pain experienced since the Donald Trump administration took office.
Solana, a large-cap altcoin, with a fully diluted valuation of about $68 billion and a 24-hour average trading volume of around $4 billion, has dropped around 4 percent in the past 24 hours to trade about $115 on Friday, during the early Asia session.
The Solana network will be recording its largest single-day unlock of around $200 million in the recent past and also until 2028 on April 4, 2025. The notable Solana network token unlock coincides with a significant market dump by whale investors.
According to on-chain data analysis from Lookonchain, several Solana whales unstake their coins in the past 24 hours and dump them in the market. The palpable fear of a possible crypto market crash in the near future has seen an increased departure of whale investors towards the stablecoins market or the gold sector.
In the weekly timeframe, SOL price has established a rising trend since late 2023, which is characterized by higher highs and higher lows. In the past few weeks, the SOL/USD pair, in the weekly time frame, has been retesting a crucial rising logarithmic trend, which has acted as a robust support level for more than a year.
Additionally, SOL price is also retesting a crucial support/resistance level, established over the years.
In the four-hour timeframe, SOL price has already broken out of a falling logarithmic trend and is currently retesting a previously established support level of around $124.
Solana dropped ~4% due to a $200M token unlock and whale dumping, sparking fears of a broader market sell-off.
Yes, on the weekly chart, SOL maintains a rising trend with higher highs and lows since late 2023.
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