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.
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.
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.
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.
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’s loss.
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