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.
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.