SOL was nearly 10% higher on Thursday as crypto prices rebounded from recent losses. The rebound comes a day after the Fed’s last rate hike, with TRX also gaining on the news.

Solana (SOL)

SOL traded higher during today’s session spurred by the Federal Reserve’s recent rate hike.

After hitting a low of $28.46 on Wednesday, SOL/USD rose to an intraday high of $35.71 earlier in the day.

Today’s move saw SOL hit its highest point in the past five days and comes as prices seemed to have found a bottom after the recent price declines.

SOL/USD – daily chart

Overall, SOL is still almost 25% lower than at the same point last week and this momentum could continue into the upcoming weekend.

As of this writing, SOL is trading $5 lower than today’s high, showing that despite today’s recovery, there is still bearish sentiment in the market.

Eventually, if the bears continue to pressure prices, we could see SOL not only breaking below its $30 floor, but potentially heading for a multi-year low below $26.

Tron (TRX)

TRX also traded higher during Thursday’s session as bulls rebounded and pushed prices off recent lows.

Traders took TRON to an intraday high of $0.06529, which was almost 10% higher than yesterday’s low of $0.05412.

On Wednesday, prices were at their lowest levels in over a year, but a change in interest rates in the United States buoyed the bulls to regain momentum.

TRX/USD daily chart

Similar to SOL, although the bulls lost momentum on Thursday, the overall sentiment is still lurking in the bearish territory.

status of writingthe Relative Strength Index is just above 30 but faces a resistance point at 35.

If relative strength stays below this level, we are likely to see TRX consolidate further near its newfound floor of $0.5605

Could we see a streak of bullish momentum this week? Let us know your thoughts in the comments.

Eliman Damell

Eliman brings an eclectic perspective to market analysis, having worked as a broker director, retail educator, and market commentator for crypto, stocks, and forex.




photo credit: Shutterstock, Pixabay, WikiCommons

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