Solana (SOL) Registers Over 10% Price Gains As Bulls Take Control
12 April 2023 - 1:00AM
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The bulls have painted the market green, with most cryptocurrencies
scoring impressive price gains in the last 24 hours. The ongoing
market-wide rally has empowered most coins to recover their lost
price gains, with Bitcoin adding over 6.57% in seven days. However,
among the top coins, Solana scored the most gains, rallying over
10% in the last 24 hours. The gain places Solana (SOL) at the 10th
position among top-gaining cryptocurrencies today. Solana’s current
price rally comes after three consecutive days of price
decline. Solana Price Action Over The Past Weeks Solana (SOL)
performed considerably well over the past seven days, registering
parallel gains on the weekly and monthly charts. The token has
recorded a 9.8% increase in price over the past seven days, with a
14-day rally of 12.4%. Related Reading: Why Is Ethereum (ETH)
Still Trading Below $2,000? That’s not all. Historical data shows
that SOL is among the cryptocurrencies that witnessed incredible
rallies this year. SOL’s price has more than doubled over the last
three months after opening the year at $9.96. The coin price
rapidly rose from less than $10 at the start of January to $25.58
on January 20, an over 150% increase within three weeks. SOL met
some slight pullbacks before hitting another milestone at $26.18 on
January 29. Solana continued with random rise and fall, typical of
all cryptocurrencies, with a downturn in March, bringing its price
down to $17.33 on March 9. However, it quickly recovered momentum,
rising to nearly $23 on March 21 before another pullback below $20
on the 27th. Despite the ups and downs, SOL shows bullish signs,
indicating that another major rally could be imminent. Solana Price
Rallies With Bullish Sentiments A Day Before US CPI Data Release
The recent rise in price could be due to investors’ optimism about
the upcoming US inflation data. Players in the crypto and financial
markets anticipate the March Consumer Price Index (CPI) report,
which the Bureau of Labor Statistics will release on April 12. As
economists predicted, previous CPI data came out lower than the
preceding (January) data. With that thought, investors are
optimistic that the March report would be even lower and could
influence the US Fed to relax its hawkish interest rates hike. The
investor sentiment in the crypto market is currently bullish, with
the Fear and Greed Index at 68, indicating greed. As the global
crypto market cap increased by 4.8%, the bullish sentiment rubbed
off on most coins, including SOL. SOL and other cryptocurrencies
could be up for more gains should the CPI data come out lower
tomorrow, as expected. At press time, Solana (SOL) is trading
at $22.39, a 10.4% increase from its past day’s price. Its trading
volume is over 300% higher in the last 24 hours, reflecting
increasing trading activities as bullish investors dominate the
market. Related Reading: How To Trade Bitcoin Ahead Of Tomorrow’s
CPI Release? Analysts Weigh In Solana witnessed a sharp spike in
trading volume from $234,688,352 on April 10 to $558,234,702 on
April 11. The coin could be gearing up for more gains should the
bullish sentiment sustain. Featured image from Pixabaya and chart
from TradingView.com
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