Solana's price took a sharp dive after Donald Trump announced new tariffs, falling below $120. The overall crypto market also felt the impact of this event.
Market Reaction to the Announcement
Donald Trump's tariff announcement caused significant movements in the crypto market. Bitcoin briefly shot up to $87,000 before falling back to $83,000. Ethereum is also struggling, stuck around $1,825 and finding it hard to break past $2,000. The total market cap dropped by 1.16% to $2.68 trillion.
Solana's Plunge and Trader Activity
Solana experienced a sharp rise to $136 as Trump started his speech but then crashed below $120 when he made no mention of cryptocurrencies. Despite the nearly 15% drop, Solana's trading volume surged by 105% to $6.19 billion, indicating significant trader activity.
Outlook and Uncertainty
In his speech, dubbed 'Liberation Day,' Trump caused a stir in global markets. The lack of comments on cryptocurrencies left investors uncertain. Now, many are wondering if this is just a temporary shakeout or the start of a larger crash.
The coming days will be crucial in determining the market's true direction as Solana and other major players continue to struggle.
