SOL was nearly 10% higher on Thursday, as crypto prices rebounded following recent losses. The rebound comes a day after the latest Fed rate hike, with TRX also gaining on the news.
SOL was trading higher during today’s session, spurred by the latest Federal Reserve rate hike.
Following a low of $28.46 on Wednesday, SOL/USD surged to an intraday peak of $35.71 earlier in the day.
Today’s move saw SOL hit its highest point in the last five days, and comes as prices seemed to have found a floor, following recent declines in price.
Overall, SOL is still nearly 25% lower from this same point last week, and this momentum may continue into the upcoming weekend.
As of writing, SOL is trading $5 lower than today’s peak, which shows that bearish sentiment is still present in the market, despite today’s bounce back.
Should bears continue to pressure prices, we may eventually see SOL not only breakout below its floor if $30, but potentially move towards a multi-year low under $26.
TRX was also trading higher during Thursday’s session, as bulls re-entered, pushing prices away from recent lows.
Traders took TRON to an intraday peak of $0.06529, which was nearly 10% higher than yesterday’s low of $0.05412.
Wednesday saw prices trade at their lowest point in over a year, however with a change of interest rates in the United States, bulls were buoyed to recapture momentum.
Similar to SOL, even though bulls have stolen momentum on Thursday, overall sentiment still lurks in bearish territory.
As of writing, the Relative Strength Index is just above 30, however it faces a resistance point at the 35 level.
Should relative strength remain below this mark, we will likely see TRX continue to consolidate close to its newfound floor of $0.5605
Could we see a streak of bullish momentum this week? Let us know your thoughts in the comments.
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Published at Thu, 16 Jun 2022 16:30:24 +0000