The Solana coin price has led the crypto market comeback.
The December CPI, which rose 6.5%, shows US inflation may be moderating. The cryptocurrency market recovers more.
The Solana price rose from $8 during this bullish rally and increased by 177% in just three weeks. A second attempt at a breakout from the $22.5 barrier is also visible in the pricing, indicating that the buyers are looking for even higher levels.
Coin buyers may be helped by a bullish crossover between the 20 and 50 DMA if the recovery is allowed to continue. A significant barrier at $27 may prevent the price of solana from continuing to rise. The Solana currency has a $440 Million 24-hour trading volume, which is an 85% gain.
The price of the Solana currency is practically following a perpendicular rally, as seen on the daily time frame chart, emphasising the market's strong buying. Additionally, the steady increase in volume activity shows that purchasers are really committed.
The price of the Solana currency has broken through several barriers throughout this bull run, which may now be helpful to purchasers as a potential support to keep this recovery going. The release of the CPI figures for December, which showed a 6.5% increase, also suggests that US inflation may be slowing. As a result, there is further optimistic recovery in the cryptocurrency market.
As at the time of publication, Solana's price is trading at $22.88 and is attempting to break through another resistance level of $22.5. The bullish momentum will be accelerated and the SOL price will rise 20% to the $27.2 level with a Daily candle closing close to the indicated resistance.
A modest retreat is anticipated in the next weeks if the price cannot maintain around the $22.5 mark.
MACD: The growing distance between the MACD and the signal line emphasises the growing buying pressure for the Solana currency.
DMA: In addition to the previously noted breached horizontal level, the SOL price also recaptured the 20, 50, and 100 DMA. In the course of a correction phase, these slopes might provide further support.
