Biggest Movers: SOL Rebounds, TRX up for Fifth Straight Session
Solana was one of Tuesday’s notable movers, as the token rebounded from losses to start the week. The move comes despite U.S. inflation figures missing expectations. Consumer prices came in at 6.4%, higher than the 6.2% many had forecasted. Tron rose for a fifth consecutive session on Tuesday. Solana (SOL)
Solana (SOL) rose by as much as 5% on Tuesday, as prices climbed back above a recent support level.
SOL/USD surged to an intraday high of $21.70 earlier in today’s session, which comes a day after trading at a bottom of $19.87.
Today’s move saw the token reenter its $20.00 price floor, after a failed breakout attempt to start the week. SOL/USD – Daily Chart
Recent momentum in solana has been largely bearish, and comes following a downwards crossover of the 10-day (red), and 25-day (blue) moving averages.
However, bulls have moved to halt any further sell-offs, as the relative strength index (RSI) maintained a floor at 42.00
As of writing, the index is tracking at 47.46, with the 50.00 mark the next visible point of resistance. Tron (TRX)
Tron (TRX) climbed higher for a fifth straight session on Tuesday, breaking out of a recent ceiling in the process.
Following a low of $0.06414 to start the week, TRX/USD raced to an intraday high of $0.06638 earlier in the day.
Tuesday’s surge pushed tron to its highest point since last Thursday, which comes after prices broke out of a ceiling at $0.06565. TRX/USD – Daily Chart
Looking at the chart, overall sentiment in TRX has largely been bullish in recent weeks, with moving averages trending upwards.
This may be tested in upcoming days, with the RSI, which is currently tracking at 61.53, edging close to a ceiling at 63.00.
Previous bulls could look to secure gains as we approach this point, in turn giving way for sellers to re-enter the market.
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What will the Federal Reserve do, with inflation slowing less than expected? Let us know your thoughts in the comments. Eliman Dambell
Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder. Bitcoin, Ethereum Technical Analysis: BTC Edges Closer to $22,000 Ahead of US Inflation Report MARKET UPDATES | 10 hours ago Biggest Movers: MATIC Drops by 10%, ATOM Hits 2-Week Low MARKET UPDATES | 1 day ago
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