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Solana Price Forecast: SOL bull aims for $160 mark as White House narrows April 2 tariffs

  • Solana’s price extends its gains on Monday after recovering 5.32% last week.
  • Reports suggest that the White House is narrowing its approach to tariffs set to take effect on April 2, likely omitting a set of industry-specific tariffs.
  • The technical outlook suggests a rally toward $160 as SOL breaches a key resistance level.

Solana (SOL) price extends its gains by nearly 4% and trades above $138 at the time of writing on Monday after recovering 5.32% last week. Reports suggest that the White House is narrowing its approach to tariffs set to take effect on April 2, likely omitting a set of industry-specific tariffs, fueling a rise in risky assets like cryptocurrencies, including Solana. The technical outlook suggests a rally toward $160 as SOL breaches a key resistance level.

White House announcement ease on tariffs support cryptos recovery 

A Wall Street Journal report on Monday suggests that the White House is narrowing its approach to tariffs set to take effect on April 2, likely omitting a set of industry-specific tariffs while applying reciprocal levies on a targeted set of nations that account for the bulk of foreign trade with the US. This news set a positive tone in the crypto market during an early Asian trading session, with major cryptos rising and Bitcoin breaking above $87,000. Solana followed suit, rallying nearly 4% at the time of writing on Monday.

The report explains that United States (US) President Trump has declared the April 2 deadline to be “Liberation Day” for the US, when he will implement so-called reciprocal tariffs that seek to equalize US tariffs with the duties charged by trading partners, as well as tariffs on sectors like automobiles, pharmaceuticals and semiconductors he repeatedly said would be enacted on that day.

Moreover, those sector-specific tariffs are now not likely to be announced on April 2, said an administration official, who said the White House is still planning to unveil the reciprocal tariff action on that day, though planning remains fluid. Bloomberg first reported the shift.

The fate of the sectoral tariffs, as well as tariffs on Canada and Mexico that Trump said were justified by fentanyl trafficking, remains uncertain. 

“The White House didn’t respond to requests for comment on if or when any of those tariffs are still planned to go into effect,” said the report.

Additionally, on Sunday, Donald Trump posted on his social media platform, Truth Social, showing support for the TRUMP memecoin on Solana. 

Trump said, “I LOVE $TRUMP — SO COOL!!! The Greatest of them all!!!!!!!!!!!!!!!!”

This news led to a spike in Trump memecoin prices by nearly 17%, reaching a high of $12.51 on the day. However, memecoin is still down 85% from its all-time high of $77.24 in January, according to Binance data. 

Solana technical outlook: SOL breaks above descending trendline 

Solana price broke and closed above a descending trendline (drawn by joining multiple highs from mid-January) on Sunday and rallied 3.37% that day. At the time of writing on Monday, SOL extends its gains to trade above $138, scoring 4% in gains. 

If SOL continues the upward trend, it could extend the rally by 15% from its current trading levels to retest its next daily resistance at $160.

The Relative Strength Index (RSI) on the daily chart recovers from oversold conditions and reads 49, pointing upward just below its neutral level of 50, indicating a loss in bearish momentum. The Moving Average Convergence Divergence (MACD) indicator on the daily chart showed a bullish crossover last week, giving a buy signal and suggesting a rally ahead.

SOL/USDT daily chart

SOL/USDT daily chart

However, if SOL declines and closes below the daily support at $118.10, it could extend the decline to test its March 11 low of $112.

Author

Manish Chhetri

Manish Chhetri is a crypto specialist with over four years of experience in the cryptocurrency industry.

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