The Solana price is up by 6% over the last 24 hours. As the broader market secures upward price movement, most altcoins have followed suit.<\/p>\n
The release of the Consumer Price Index (CPI), which is an important measure of inflation, showed that U.S. inflation had slowed to 7.1%, down from 7.7% in the past month, as depicted by the numbers released by the U.S. Bureau of Labor Statistics.<\/p>\n
The data has revealed that consumer inflation has fallen, pushing stock futures to rise. Owing to this report, the crypto market has also shown signs of recovery.<\/p>\n
Solana, for instance, had been consolidating for the past few weeks; at press time, however, it has been eyeing a breakout on the upside. The technical outlook for the coin has begun to favor the bulls, indicating accumulation on the chart.<\/p>\n
As demand for the altcoin is making a recovery, buyers have started to show interest in the chart. Over the last week, the coin lost 1.6%, and the daily gains have managed to undo most of the coin\u2019s loss.<\/p>\n
The market capitalization of Solana has also noted an increase, denoting bullish power in the market. It is, however, important for SOL to cross a couple of price barriers in order to continue its upward price trajectory.<\/p>\n
SOL was changing hands at $13.80 at the time of writing. The coin has been making intra-day gains after the U.S. CPI data release. The overhead resistance for Solana now awaits at $15, breaching which the coin could move over the $20 mark.<\/p>\n
Although buying strength needs to remain consistent in the market, a price pullback scenario is unlikely but not impossible, in which SOL would slip to $12 and then to $10. The amount of Solana traded in the last session demonstrated bullish strength, indicating increased buyers on the chart.<\/p>\n
The price of the asset has depicted congestion for several weeks now. It has been trading along a descending trendline, but Solana price awaits a breakout now. If that happens, SOL will rise above the $23 price zone. This would mean a 64% price appreciation for the coin.<\/p>\n
The Relative Strength Index shot past the 40-mark and inched closer to the half-line, which depicted a considerable rise in buying strength. The indicator even formed a bullish divergence which usually reflects a rise in buying strength.<\/p>\n
In regards to the increase in accumulation, SOL moved above the 20-Simple Moving Average line, meaning that buyers were driving the price momentum in the market.<\/p>\n\n
In correspondence with more buyers, SOL logged buy signals on the chart. The Moving Average Convergence Divergence (MACD), which measures price momentum, underwent a bullish crossover. This is good news for buyers, as it acts as an entry point for them to secure gains.<\/p>\n