Solana surged by as a lot as 22% on Monday, as bullish sentiment returned to cryptocurrency markets. The transfer noticed the token climb to its highest level since November, when it was embroiled within the FTX collapse. Cardano additionally moved larger to start out the week, climbing by almost 13%.
Solana (SOL)
Solana (SOL) was one in every of Monday’s massive movers, as costs of the token rose by as a lot as 22%.
SOL/USD surged to an intraday excessive of $16.62 to start out the week, which comes lower than 24 hours after buying and selling at a low of $13.47.
As we speak’s rise in value pushed SOL to its strongest level since November 12, days after the token plummeted, after being uncovered to the FTX/Alameda scandal.
From the chart, Monday’s rally got here following a breakout of a key resistance degree on the $15.00 mark.
Because of this, the 14-day relative energy index (RSI) has risen to 73.26, which is its strongest level since April.
Resulting from costs now being comparatively overbought, there’s a sturdy risk that there might be a reversal in momentum within the coming days.
Cardano (ADA)
Cardano (ADA) was one other notable gainer to start out the week, with the token climbing for a second straight day.
Following a low of $0.2865 on Sunday, ADA/USD hit a excessive of $0.3409 earlier in at the moment’s session.
Like with solana, this transfer noticed cardano hit its highest mark since November, and got here after a breakout of a ceiling at $0.3250.
Trying on the chart, because of at the moment’s rally, the 14-day RSI rose to a degree not seen since September 2021.
Resulting from this, earlier positive aspects have considerably eased, and as of writing, ADA/USD is buying and selling at $0.3247.
Register your e mail right here to get weekly value evaluation updates despatched to your inbox:
Might cardano rally again past this resistance degree within the coming days? Tell us your ideas within the feedback.
Picture Credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This text is for informational functions solely. It’s not a direct supply or solicitation of a proposal to purchase or promote, or a advice or endorsement of any merchandise, providers, or firms. Bitcoin.com doesn’t present funding, tax, authorized, or accounting recommendation. Neither the corporate nor the writer is accountable, straight or not directly, for any injury or loss prompted or alleged to be attributable to or in reference to using or reliance on any content material, items or providers talked about on this article.
