SOL rose nearly 10% on Thursday as cryptocurrency prices recovered from recent losses. It comes just days after the Fed raised its interest rate, while TRX gained on this news.
Solana (SOL)
SOL was trading higher during today’s session, spurred by the latest Federal Reserve rate hike.
The SOL/USD intraday low was $28.46 and then surged up to $35.71 later 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.
SOL remains at 25%, almost the same as last week. And this trend may carry on into next 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.
If bears keep putting pressure on prices, SOL may not only break below $30 as its floor, but possibly move to a low of $26 for the long-term.
Tron (TRX)
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.
On Wednesday, prices were at their lowest in nearly a decade. However, with the change in interest rates in America, bulls gained momentum.
Like SOL above, bulls may have gained momentum Thursday but overall sentiment is still bearish.
At the time of writingAlthough the Relative Strength Index stands just above 30, it is still at the 35-level where resistance exists.
If relative strength remains below this level, TRX will continue to consolidate near its floor at $0.5605
Were we able to see bullish momentum in the last week? Please share your views with us in the comments.
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