Crypto
Biggest Movers: SOL up 22% as ADA Hits Highest Point Since November – Market Updates Bitcoin News
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 increased to start out the week, climbing by practically 13%.
Solana (SOL)
Solana (SOL) was one among Monday’s huge 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.
At the moment’s rise in worth 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.
Attributable to 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 immediately’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 immediately’s rally, the 14-day RSI rose to a degree not seen since September 2021.
Attributable to this, earlier features have considerably eased, and as of writing, ADA/USD is buying and selling at $0.3247.
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Might cardano rally again past this resistance degree within the coming days? Tell us your ideas within the feedback.
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