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) 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) 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.
Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story Analysis, SOL, Solana, tron, trx
What will the Federal Reserve do, with inflation slowing less than expected? Let us know your thoughts in the comments.
Bitcoin, Ethereum Technical Analysis: BTC Edges Closer to $22,000 Ahead of US Inflation Report MARKET UPDATES | 3 hours ago Biggest Movers: MATIC Drops by 10%, ATOM Hits 2-Week Low MARKET UPDATES | 24 hours ago
Image Credits: Shutterstock, Pixabay, Wiki Commons
PEGA Pool Announces the Official Launch of Its Eco-friendly Bitcoin Mining Pool
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Read disclaimerShow comments
More Popular News
In Case You Missed It
Tony Hawk’s Latest NFTs to Come With Signed Physical Skateboards
Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs … read more.
Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms Interest in Real Estate Investments in Spain Grew 400%, With Some Using Crypto and Stocks as Payment Method Ethereum Foundation’s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether