• Solana (SOL) rebounded from losses to start the week, despite US inflation figures missing expectations.
• Tron (TRX) rose for a fifth consecutive session on Tuesday, breaking out of a recent ceiling.
• Both tokens saw bulls secure gains as the relative strength index (RSI) maintained a floor in upcoming days.
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. 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 dayTuesday’s surge pushed tron to its highest point since last Thursday which comes after prices broke out of a ceiling at $0.06565 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 withthe RSI which is currently tracking at 61 53 edging close toa ceiling at 63 00 Previous bulls could look to secure gains as we approach thispointin turn giving way for sellers to re enterthe market
US Inflation Figures
Consumer prices came in at 6 4% higher thanthe 6 2% many had forecasted The unexpected result may put pressure on Federal Reserve policy makers who are expectedto hold interest rates steadyat least until 2023 In response Fed Chairman Jerome Powell said they will use all their tools to ensure inflation moves back down into target range
Solana and Tron were two notable movers duringTuesday’s sessionwith both tokens posting solid gains Bulls were likely emboldened by Powell’s comments that suggest there will be no immediate action taken against rising inflation levels
Both Solana and Tron posted strong performancesduring Tuesday’s tradingsession while US inflation figures camein higher than expected This news puts pressure on Federal Reserve policy makers who still remain committedto keeping interest rates steady What do you think about these markets? Let us know your thoughts inthe comments section below