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 begin the week, climbing by practically 13%.
Solana (SOL) was one among Monday’s large movers, as costs of the token rose by as a lot as 22%.
SOL/USD surged to an intraday excessive of $16.62 to begin the week, which comes lower than 24 hours after buying and selling at a low of $13.47.
Right this moment’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 stage on the $15.00 mark.
Because of this, the 14-day relative power index (RSI) has risen to 73.26, which is its strongest level since April.
Resulting from costs now being comparatively overbought, there’s a robust risk that there may very well be a reversal in momentum within the coming days.
Cardano (ADA) was one other notable gainer to begin 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 as we speak’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 as we speak’s rally, the 14-day RSI rose to a stage not seen since September 2021.
Resulting from this, earlier positive factors 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 stage within the coming days? Tell us your ideas within the feedback.
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