Recently, the Solana blockchain saw a small surge in price due to a culmination of favorable market conditions, paired with exciting developments in the network.
The $SOL token is up by 2.4% in the previous 24 hours. The asset regained the $21 resistance zone, indicating an advantageous movement for investors in the currency.
Furthermore, the asset is currently trading at $21.15, with strong indications that it will continue gaining momentum over the course of the day. The 24-hour trading volume went up by $40 million since Monday, which means that buying pressure is slightly overtaking the charts.
The recent surge comes just a day after the most recent consumer price index report. On this date, the Bureau of Labor and Statistics released data that made a lot of investors in stock and crypto more optimistic.
CPI Report Favorable For Cryptos
The CPI report indicates that inflation showed signs of slowing down in America. Beforehand, the U.S. Economy had been under enormous pressure with the banking sector crisis and reports of a weaker dollar in international trades.
However, the data indicate that inflation went down by 0.01% since March. This data, relevant to the month of April, is providing a positive playing field for risk assets markets.
This positive news made the entire market show a slight surge of roughly 1.8%.
What is interesting to note is that Solana reacted more positively than some of its competition. Rival blockchain Polygon is up by only 1.4%, while Ethereum reached 1.8% gains.
Solana’s better performance than its counterparts is likely due to exciting new developments in the blockchain. Just this week, the company announced the public release of the “Saga Mobile Phone”, a Web3 based phone that promises to allow easier access to blockchain technology to the general public.
Overall, the recent surge in Solana’s price, coupled with the positive market conditions and notable network developments, suggests a promising outlook for investors and reinforces Solana’s position as an increasingly influential blockchain platform.
