Solana (SOL) Price Breaks Above $120, Can SOL Rally to $200 This April?

The broader crypto market whipsawed alongside stocks this week, rallying on Wednesday before paring gains on Thursday.

The broader cryptocurrency market whipsawed alongside stocks this week, rallying on Wednesday before paraing gains on Thursday.

Solana broke to above $115 to be trading calmly in the $120s. The gains come after a pause in U.S. tariffs against several countries, including Mexico and Canada, saw Solana and other crypto prices swing.

But it gave up all the 24-hour gains as President Donald Trump’s decision to delay tariffs, excluding China, drew a response from Beijing. The Chinese imposed a retaliatory levy on imports from the U.S., bringing total tariffs to 125%. It meant the calm that Trump’s pause brought only lasted a day before Thursday saw risk assets swing lower.

Solana is, however, up today, rallying 10% in the past 24 hours to break above $120. SOL’s gains come as Bitcoin reclaims $83k.

Risk assets and expert commentary

Stocks and crypto have dumped despite positive U.S. inflation data suggesting otherwise this week. On Friday, the Producer Price Index for March showed that inflation fell to 2.7%, below expectations of 3.3%. Also, core PPI dropped to 3.3%, with this below the expected 3.6%.

Given the consumer price index data released on April 10, both U.S. inflation measures of CPI and PPI indicated a significant slowdown in March. But tariffs and the overall economic outlook has many experts warning of further pain.

Larry Fink, the chief executive of BlackRock suggests the U.S. may already be in a recession. He said during an interview with CNBC:

“I think you’re going to see, across the board, just a slowdown until there’s more certainty. And we now have a 90-day pause on the reciprocal tariffs. That means longer, more elevated uncertainty.”

Mohamed El-Erian, an economist and Allianz advisor, posted on X:

“As the risk of financial market malfunction climbs again to an uncomfortable and worrisome level, this is not just about a ‘game of chicken’ on tariffs between China and the U.S. It is also developing into one between the Administration and the Federal Reserve.”

According to El-Erian, “there is a lot at stake here.”

Can SOL rally to $200 this April?

Solana price traded near $300 in January. However, SOL has given up nearly 60% of the gains since that peak. The downtrend saw the altcoin fall below $100 this month.

But bulls are back above $120, the latest uptick helping sentiment.

Technical indicators suggest a short-term bullish case, with RSI nearing the midpoint and MACD indicating a bullish crossover on the daily chart.

If Solana’s price breaks above $150, buyers could eye $180-$200 as the next targets. But if momentum falters, the support levels could be $105 and then $80.