Solana moved to a six-week high on Wednesday as markets reacted to the latest inflation figures from the United States. The consumer price index (CPI) fell to 5% in March, below the 5.2% many had expected. Ethereum classic also rallied, nearing a multi-week high.
Solana (SUN)
Solana (SOL) extended yesterday’s 15% gain on Wednesday as the token rallied for the fourth straight session.
The SOL/USD reached an intraday high of $24.34 earlier in today’s session, which comes a day after the price hit a low of $22.42.
Following today’s price increase, SOL moved to its strongest point since February 21, when it traded as high as $24.71.
Looking at the chart, Wednesday’s rally came as solana bulls pushed the token past a key resistance level of $24.00.
One of the catalysts for this breakout was the 14-day RSI, which broke above its own high at 64.00.
At the time of writing, the index is now at 66.65, which is slightly below a higher resistance level of 68.00.
Classic Ethereal (ETC)
Classic Ethereal (ETC) continued to trade in the green today as prices hit a new multi-month high.
After a low of $20.75 on Tuesday, ETC/USD has moved to a high of $22.18 at the time of writing.
Today’s move has seen Ethereum Classic rise to its highest level since March 18, and it comes after a break beyond a top of $21.50.
Similar to solana, this has resulted in price strength breaking through its own hurdles, and it is now marginally below another hurdle at the 64.00 mark.
If the index finds a way to break above this resistance point, there is a good chance that ETC it will head towards $23.00.
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Do you expect ethereum classic to sustain this rally? Let us know your thoughts in the comments.
image credits: Shutterstock, Pixabay, Wiki Commons, Dennis Diatel / Shutterstock.com
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