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Solana Slammed By Whale Dump—Can It Recover Or Is More Pain Ahead?

Solana’s price has fallen to $116, marking a 12% decrease over the past week amid growing concerns about large investors selling their holdings. According to reports, several major cryptocurrency holders, known as “whales,” unstaked and moved approximately $46 million worth of SOL tokens to exchanges, fueling the downward trend. Related Reading: XRP Breakout Alert! Could This Surge Send The Altcoin To $3? Four Major Wallets Lead Selling Wave According to cryptocurrency monitor Lookonchain, four wallet addresses accounted for the massive exchange of funds. The largest seller, ‘HUJBzd,’ transferred $30 million worth of SOL to exchanges. Three other wallets also did the same, with ‘BnwZvG’ selling $9.47 million, ‘8rWuQ5’ transferring $3.53 million, and ‘2UhUo1’ transferring $3 million worth of tokens. These mass transfers usually presage bearish sentiment in the market since they add selling pressure to exchanges. The recent price movement bears this trend out, with SOL falling by more than 3% within the past 24 hours alone. Many whales unstaked and dumped $SOL today! HUJBzd dumped 258,646 $SOL($30.3M). BnwZvG dumped 80,000 $SOL($9.47M). 8rWuQ5 dumped 30,000 $SOL($3.53M). 2UhUo1 dumped 25,501 $SOL($3M). Address:https://t.co/mCaB45W6pVhttps://t.co/wjhEwyZgFHhttps://t.co/Waqe4cxvbP… pic.twitter.com/kc1Q5GEKIX — Lookonchain (@lookonchain) April 4, 2025 Market Uncertainty Tied To Tariff Announcements The wider cryptocurrency market has been buffeted by economic policy shifts. Reports indicate that Bitcoin price fluctuations have been influenced by the announcement by US President Donald Trump of reciprocal tariffs. This uncertainty in the economy has spread to the altcoin market, with Solana being one of the cryptocurrencies under pressure. Based on recent data, the price of Bitcoin might still move according to stock market trends in reaction to these fresh tariffs. Analysts have cautioned that the entire cryptocurrency market might witness short-term volatility as Bitcoin emulates stock market trends. Some Analysts Remain Optimistic Despite Declines Though the present figures indicate a declining trend, not everyone in the market is pessimistic. Cryptocurrency expert Brandon Hong recently expressed an opposing view on social media platform X and wrote: “SOL is about to have its biggest breakout ever.” Hong’s forecast is focused on Solana possibly breaking out of its 400-day trading range. The analyst encouraged investors to “Buy now or regret later,” providing a rare optimistic view amidst the overall market uncertainty. Related Reading: XRP’s Rise To Rarity: Only 1% May Afford It, Expert Says Traders Keep An Eye On SOL This divergence in market opinion reflects the volatile nature of cryptocurrency investments in times of economic transition. Traders remain closely monitoring Solana as it navigates these tough market conditions. The 30-day performance for Solana investors is even worse, with figures indicating an 15% drop in the past month. This longer decline fits with wider market trends among the cryptocurrencies that have also been depreciating over the recent era of economic instability. While markets adapt to possible policy shifts and big holders keep shifting their assets, SOL price actions are still a major reflection of investor sentiment within the cryptocurrency market. Whether the token follows the bearish direction implied by whale action or breaks out as some analysts anticipate is to be seen within the next few weeks. Featured image from Gemini Imagen, chart from TradingView Decrypt

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U.S. March Jobs Growth of 228K Blows Through 135K Forecast

The U.S. employment situation continued to roll along in strong fashion in March, adding another piece to the puzzle as the Federal Reserve contemplates the path of short-term interest rates in a world that`s markedly changed in the last 48 hours. Nonfarm payrolls rose by 228,000 last month, the Bureau of Labor Statistics reported Friday morning. Economists had expected a gain of just 135,000 following February’s increase of 117,000 jobs (revised from an originally reported 151,000). The unemployment rate for March, however, rose a tick to 4.2% against economists` consensus of 4.1% and February`s 4.1%. The price of bitcoin (BTC) was little-changed in the minutes following the report at $82,600. Ahead of the jobs report, the CME FedWatch Tool — which gauges market expectations for Federal Reserve policy — had priced in four rate cuts for 2025, which would bring the federal funds rate down to a target range of 3.25%–3.50%. While the Fed is still expected to hold rates steady at its May meeting, market participants are increasingly betting on a cut in June, with current odds showing a 60% probability. All this comes, of course, as Trump`s Wednesday evening tariff announcements threw markets into an historic tizzy. The Nasdaq plunged 6% on Thursday and the S&P 500 just shy of 5%. Hopes for some sort of Friday bounce were dashed a few hours ago when China announced retaliatory tariffs. Prior to the jobs data, Nasdaq and S&P futures were pointing to opening declines of around 3.5%. Bitcoin added to list of safe havens? To no surprise, gold is among the assets where investors have been hiding out. Though it`s down a bit since the tariff announcement, it remains very close to its record high of around $3,200 per ounce. Also to no surprise, U.S. Treasury bonds have seen a strong bid, with the yield on the 10-year tumbling to 3.89% just ahead of this morning`s jobs news, now lower by nearly 100 basis points since Trump`s inauguration. Bitcoin bulls may have been disappointed by the crypto`s behavior over the past weeks, with the price seemingly moving tick for tick with the struggling Nasdaq. Signs of a decoupling may be emerging though. Bitcoin on Thursday managed to hold the $80,000 level even as the Nasdaq tumbled throughout the day. Prior to this morning`s numbers, BTC was roughly flat in the $82,000 area even as futures pointed to a continuation of the Nasdaq plunge. Next up is March inflation data to be reported next week, with both core and headline CPI still seen hovering around 3%. Decrypt