Crypto Markets Rebound, Solana’s SOL Jumps 8% Amid Profit Taking

Crypto markets rebounded on Wednesday, with Solana’s SOL jumping 8% higher, while Dogecoin (DOGE) retraced Tuesday’s gains, falling 7.5% amid profit taking.

Crypto Market Movement

Crypto majors showed mixed movement, with bitcoin (BTC), ether (ETH), and BNB Chain’s BNB gaining under 1% in the past 24 hours. Solana’s SOL and XRP surged as much as 7%, while the broad-based CoinDesk 20 (CD20) returned 2.57%.

Dogecoin’s Price Action

DOGE fell 7.5% amid profit taking, data shows, to trade at 36 cents in European noon hours, paring gains after a jump from 34 cents to 38 cents on Tuesday when it surged following the display of its token’s logo on the Elon Musk-led Department of Government Efficiency website.

The website was later updated in Asian morning hours Wednesday to show another animated image of a dog. It was updated again in the afternoon to showcase only its name and a dollar sign.

Crypto Traders’ Insights

Hyperliquid’s HYPE token zoomed 13%, returning the most among large-cap tokens above a $5 billion capitalization. As such, traders look to Donald Trump’s executive orders and tariff decisions for cues on market positioning.

“Crypto markets have dipped as traders take profit and wait to see the potential impact of tariffs on Mexico and Canada, which could impact stock markets when the US stock market opens tomorrow,” Jeff Mei, COO at BTSE, said in a Telegram message.

“However, we are optimistic that in the coming days and weeks, Trump will issue executive orders and roll back anti-crypto policies set by the Biden administration. With the recent appointment of pro-crypto Caroline Pham as CFTC Commissioner, we’re already seeing positive signals,” Mei added.

Traders such as FxPro’s Alex Kuptsikevich mirrored the thoughts in an email to CoinDesk.

“The market’s rapid recovery is indicative of continued interest in risk assets. Bitcoin traded near the $105K mark. It was quickly bought back on Tuesday when it fell to $101K, but when it reached the $107K level early Wednesday afternoon, the market shifted to sellers. Clearly, optimism is high in the market, but an additional factor is needed for new momentum,” Kuptsikevich said.

Conclusion

Crypto markets rebounded on Wednesday, with Solana’s SOL jumping 8% higher, while Dogecoin (DOGE) retraced Tuesday’s gains, falling 7.5% amid profit taking. The market’s mixed movement is indicative of continued interest in risk assets, with traders looking to Donald Trump’s executive orders and tariff decisions for cues on market positioning.