SOL was nearly 10% higher on Thursday as crypto prices rebounded following recent losses.
Solana (SOL)
SOL was trading higher in today’s session, spurred by the latest Federal Reserve rate hike.
After hitting a low of $28.46 on Wednesday, SOL/USD surged to an intraday peak of $35.71.
In today’s action, SOL hit a new five-day high, making prices appear to have bottomed out following the recent price decline.
Overall, SOL is still down nearly 25% from this same point last week and this momentum may continue through next weekend.
As of this writing, SOL is trading $5 lower from today’s peak, indicating that despite today’s rebound, bearish sentiment still exists in the market.
If the pressure on the Bears continues, SOL could not only break below $30, but head for multi-year lows below $26
Tron (TRX)
TRXalso traded higher in Thursday’s session as bulls re-entered the market and pushed prices up from recent lows.
Traders pushed TRON up to an intraday peak of $0.06529, which was nearly 10% higher than yesterday’s low of $0.05412.
The pair hit its lowest level in more than a year on Wednesday, but regained momentum on the strength of the U.S. interest rate change.
/USD – daily chart/USD – daily chart
Like the SOL, overall sentiment still lurks in bearish territory, even as bulls stole momentum on Thursday.
At the time of writing, the{84 Relative Strength Index is just above 30, but the 35 level is a resistance point.
If the Relative Strength Index falls below this, it is likely thatTRXwill continue to consolidate near a new floor of $0.5605
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