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Biggest Movers: SOL Hits 6-Week High, Following US Inflation Data

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, lower than the 5.2% sum many had expected. Ethereum classic also moved higher, nearing a multi-week high.

Solana (SOL)

Solana (SOL) extended yesterday’s 15% gain on Wednesday, as the token rose for a fourth straight session.

SOL/USD raced to an intraday high of $24.34 earlier in today’s session, which comes a day after the price was at a low of $22.42.

Following today’s surge in price, SOL move to its strongest point since February 21, when it traded at a high of $24.71.

SOL/USD – Daily Chart

Looking at the chart, Wednesday’s rally came as solana bulls took the token beyond a key resistance level of $24.00.

One of the catalysts for this breakout was the 14-day relative strength index (RSI), which moved beyond a ceiling of its own at 64.00.

At the time of writing, the index is now tracking at 66.65, which is marginally below a higher resistance level of 68.00.

Ethereum Classic (ETC)

Ethereum classic (ETC) continued to trade in the green in today’s session, as prices reached a fresh multi-month high.

Following a low of $20.75 on Tuesday, ETC/USD has moved to a high of $22.18 as of writing.

ETC/USD – Daily Chart

Today’s move has seen ethereum classic climb to its highest level since March 18, and comes following a breakout beyond a ceiling at $21.50.

Similar to solana, this has resulted in price strength moving past its own obstacles, and it is now tracking marginally below another hurdle at the 64.00 mark.

Should the index find a way past this point of resistance, there is a good chance that ETC will head towards $23.00.

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Do you expect ethereum classic to maintain this rally? Let us know your thoughts in the comments.

Eliman Dambell

Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Dennis Diatel / Shutterstock.com

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