Solana Price Today: Reasons for Bounce Back and SOL Price Prediction

Solana (SOL) is finally giving some signs of recovery after a turbulent few weeks. As per CoinMarketCap , SOL is now trading at $107.90 with a 6.84% hike in the past 24 hours. This follows a 16.63% decline on a weekly basis and a 22.49% fall on a monthly basis.

Source: CoinMarketCap

Most crypto users were concerned following Black Monday on April 7, which drove Solana price even lower. However, on April 8, the coin rebounded and began gaining traction once again. Here's why this dramatic reversal occurred and what may follow.

Why Solana Price Increase Today?

Three key events have helped the altcoin recover from its recent losses.

Trump Tariffs 90 Day Pause : Some confusion in the market started when a social media post misinterpreted a statement by economist Kevin Hassett. The post suggested that former President Trump might pause new tariffs for 90 days, except for China. However, the White House quickly denied this, calling it "fake news." The Kobeissi Letter, took to X (formerly Twitter) to explain the news on trump tariffs.

Source: X

Even though this news had nothing to do with crypto directly, it affected market sentiment. After the fact was revealed, the market stabilized, and the investors regained faith.

$2.9 Billion Dealing on SOL: There is another factor for the token price increase based on the resilience of its network. A business firm named Janover Inc. revealed a fresh plan to make investments in crypto assets using the altcoin. It is raising funds worth $42 million to back these transactions with strong faith in the project.

Meanwhile, Solana's decentralized exchanges handled $2.9 billion in transactions recently. This made it the second-largest chain behind Ethereum, which increased confidence among the community.

GMGN Stakes $60 Million Worth SOL: A company known as GMGN took a significant step by staking $60 million worth of revenue created from the altcoin transaction fees. This money is now utilized to lock in the network and make it faster and more secure.

Based on co-founder Haze, the entire sum was reinvested without disposing of a single token. This shows strong support for the crypto ecosystem and long-term belief in the coin.

Solana Price Prediction: Will SOL Reach $120?

Looking at the 30-minute SOL/USD TradingView chart , the price recently fell from $118 to around $96, but has since bounced back. Right now, it's trading near $107.90. There is strong support near $104, where buyers have stepped in several times. On the other hand, resistance is visible near $112, where sellers have shown up.

Source: TradingView

If the coin breaks above $112 with high trading volume, the price could move up toward $118–$120. But if it cannot remain above $104, it could slide back to $98 or even $96.

According to ongoing trends, most analysts think that SOL will hit $120 soon if market conditions remain favorable.

Conclusion

After a rough ride, Solana is starting to demonstrate strength again. With high network activity, increasing investments, and market recovery, many think the coin has turned around. However, traders and users need to keep an eye on important price levels before acting.