Solana’s price action is dividing opinion on the internet as investors and analysts alike have opposite views on this token. Some call for $200 while others feel it’s time to break the $100 barrier and reach $80. Who might be…
SEC officially acknowledges Fidelity's Solana ETF application. The application process is gaining momentum with public comments being collected. Continue Reading:Fidelity’s Solana ETF Application Marks a Milestone in Financial Markets The post Fidelity’s Solana ETF Application Marks a Milestone in Financial Markets appeared first on COINTURK NEWS.
Today in crypto, President Donald Trump’s pick for US Securities and Exchange Commission (SEC) chair passed a key committee vote, the US Office of Foreign Assets Control (OFAC) sanctioned eight crypto addresses linked to Russian crypto exchange Garantex and the Yemeni political and military organization the Houthis, and the US House Financial Services Committee voted through a stablecoin bill. Paul Atkins’ SEC nomination passes committee votePaul Atkins is one step closer to securing the top position at the US Securities and Exchange Commission after the Senate Banking Committee voted to advance his nomination. In an April 3 banking committee session, lawmakers voted 13 to 11 for Atkins to serve two consecutive terms as a commissioner at the government agency, effectively taking over former Chair Gary Gensler’s term.Atkins’ nomination is expected to go to a full Senate vote in the near future. Senator Tim Scott speaks at the committee hearing. Source: US Senate Banking CommitteeBefore the vote, committee chair Tim Scott said Atkins would bring “much-needed clarity” to the cryptocurrency sector. Donald Trump selected Atkins to replace Gensler as the SEC head in December, roughly one month after winning the presidential election. At the time, Trump praised Atkins’ track record as a former SEC commissioner and for his expertise in digital assets.US sanctions 8 crypto wallets tied to Garantex exchange and Yemeni HouthisThe US Treasury Department sanctioned eight cryptocurrency wallet addresses linked to Russian crypto exchange Garantex and the Yemeni political and military organization the Houthis.The United States Office of Foreign Assets Control (OFAC) sanctioned eight crypto addresses that data from blockchain forensic firms Chainalysis and TRM Labs had linked to the organizations. Two are deposit addresses at major crypto platforms, while the other six are privately controlled.Visualization of transaction flow related to OFAC sanctions. Source: ChainalysisThe addresses in question reportedly moved nearly $1 billion worth of funds linked to sanctioned entities. Most of the transactions funded Houthi operations in Yemen and the Red Sea region.US House committee passes stablecoin-regulating STABLE ActThe US House Financial Services Committee passed a Republican-backed stablecoin framework bill with a 32-17 vote on April 2, with six Democrats voting in favor.The bill, the Stablecoin Transparency and Accountability for a Better Ledger Economy, or STABLE Act, will now head to the House floor for a full vote. It aims to provide rules around payment stablecoins and ensure issuers give information about their business and how they back their tokens.Last month, the US Senate Banking Committee voted through a similar GOP-backed bill, the Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act, which lays out oversight and reserve rules for issuers.Source: Financial Services GOPBoth bills will now wait until debate time on the floor of the House and Senate, respectively, before they head for a floor vote.Crypto journalist Eleanor Terrett reported on X, citing crypto lobbyists, that there is likely to be “a coordinated push behind the scenes over the next few weeks to get the two bills to mirror each other,” which would avoid the House and Senate having to “negotiate to create a final version of the bill everyone agrees on.”
Solana’s native token, SOL, has dropped by nearly 12.75% in the last 24 hours to a three-week low of $112.50 on April 3.SOL/USD daily price chart. Source: TradingViewKey drivers behind SOL’s sharp correction include:The latest round of tariffs from the Trump administration and their potential to erase trillions of dollars from the stock market.Negative SOL futures basis and funding rates.Multiple technical factors.Let’s examine these catalysts in detail.Trump tariffs rattle Solana and broader crypto marketSolana’s decline occurred in the wake of US President Donald Trump’s April 2, “Liberation Day” tariffs. The escalation in trade tensions led investors to move away from riskier assets, including cryptocurrencies like SOL, in favor of safer investments.SOL/USD vs. TOTAL crypto market cap and Nasdaq Composite daily performance chart. Source: TradingViewRelated: Trump 'Liberation Day' tariffs create chaos in markets, recession concernsSOL’s recent price decline is closely tied to fading demand in its futures market, as reflected by a sharp drop in the annualized rolling basis on three-month contracts.The annualized rolling basis shows how much more (or less) futures contracts are trading compared to the current spot price, expressed as an annual percentage.A high basis means futures are trading at a significant premium, signaling bullish expectations and strong demand for leveraged long positions. On the other hand, a low or negative basis means futures are trading close to or below the spot price, indicating a lack of speculative interest or growing bearish sentiment.SOL futures basis peaked in mid-November 2024 at 18% and was below 0% as of April 3, showing that traders are no longer paying a premium for SOL.Solana futures annualized rolling basis. Source: GlassnodeSolana’s funding rates turn negativeSolana’s price drop further aligns with its declining funding rates, indicating a weakening bullish momentum in the market.SOL’s weekly funding rates slipped to -0.0462 on April 3 from 0.14% a day ago, and this negative funding means short traders are paying longs, highlighting the expectation for further downside.SOL OI-weighted funding rates. Source: CoinGlassCurrently, SOL’s daily chart shows a pattern of bear flag continuation, a process where consecutive bearish structures confirm and drive prices lower.As of April 3, SOL was trading below its flag pattern’s lower trendline, projecting a price decline to $96.SOL/USD daily price chart. Source: TradingViewThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Solana whale deposits $24M to Binance as price drops to $118.91; onchain data shows rising sell pressure and falling holder profits.
Discover our comprehensive Solana (SOL) Price Prediction for April 3, 2025. Read detailed technical analysis, expert insights, market sentiment, and more.