Solana (SOL) reached a six-week high on Wednesday, following the release of the latest inflation figures from the United States. The consumer price index (CPI) fell to 5% in March, which was lower than the 5.2% forecasted by many. Ethereum Classic (ETC) also rose, nearing a multi-week high.
SOL/USD extended its gains from Tuesday, rising for a fourth consecutive session. The token surged to an intraday high of $24.34 earlier in the day, after reaching a low of $22.42 on Tuesday. Following today’s surge, SOL reached its strongest point since February 21, when it traded at $24.71.
Looking at the daily chart, Wednesday’s rally was driven by Solana bulls taking 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.
ETC/USD continued to trade in the green in today’s session, reaching a fresh multi-month high after hitting a low of $20.75 on Tuesday. As of writing, ETC/USD has moved to a high of $22.18. This recent move has seen Ethereum Classic climb to its highest level since March 18, after breaking out 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.
As the crypto market continues to evolve, it is essential to stay up-to-date with the latest news and trends. Register your email address to receive weekly price analysis updates.
What are your thoughts on Ethereum Classic’s recent rally? Share your opinions in the comments section below.
Eliman Dambell, a startup founder, and online trading educator, currently commentates on various asset classes, including crypto, stocks, and FX. The image credits go to Shutterstock, Pixabay, Wiki Commons, and Dennis Diatel / Shutterstock.com.
Disclaimer: This article is for informational purposes only and does not constitute an offer or solicitation of an offer to buy or sell any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
