Major Movers Sol Trx Nearly 10% Higher as Crypto Prices Recover Marginally

SOL was nearly 10% higher on Thursday as crypto prices rallied after recent losses. The rally comes a day after the latest Fed rate hike, with TRX also gaining on the news.

Sunshine (SUN) SOL was trading higher during today’s session, buoyed by the latest Federal Reserve rate hike.

After 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 reach its highest point in the past five days, and comes as prices appeared to have found a bottom, following recent price declines.

Overall, SOL is still almost 25% lower from this same point last week, and this momentum may continue into the weekend ahead. At time of writing, SOL is trading $5 below today’s high, which shows that bearish sentiment is still present in the market.

despite today’s bounce. Should the bears continue to pressure prices, we may eventually see SOL not only break down below its floor if $30, but potentially move towards a multi-year low below $26. TRX was also trading higher during the session on Thursday as the bulls re-entered, pulling prices away from 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 traded at their lowest point in over a year, however, with a change in US interest rates, the bulls were encouraged to regain momentum. Similar to SOL, even though the bulls have gained momentum on Thursday, the general sentiment still lurks in bearish territory.

At time of writing, the Relative Strength Index is just above 30, however it is facing a point of resistance at the 35 level. If relative strength remains below this mark, we are likely to see TRX continue to consolidate near its new $0.5605 low.

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