Solana rose by as much as 22% on Monday, as bullish belief went back to cryptocurrency markets. The relocation saw the token reach its acme since November, when it was involved in the FTX collapse. Cardano also moved greater to begin the week, climbing up by almost 13%.
Solana (SOL)
Solana (SOL) was among Monday’s huge movers, as costs of the token rose by as much as 22%.
SOL/USD rose to an intraday high of $16.62 to begin the week, which comes less than 24 hr after trading at a low of $13.47.
Today’s increase in rate pressed SOL to its greatest point since November 12, days after the token plunged, after being exposed to the FTX/Alameda scandal.
From the chart, Monday’s rally came following a breakout of a crucial resistance level at the $15.00 mark.
As an outcome of this, the 14-day relative strength index (RSI) has actually increased to 73.26, which is its greatest point since April.
Due to costs now being reasonably overbought, there is a likelihood that there might be a turnaround in momentum in the coming days.
Cardano (ADA)
Cardano (ADA) was another significant gainer to begin the week, with the token climbing up for a 2nd straight day.
Following a low of $0.2865 on Sunday, ADA/USD struck a high of $0.3409 earlier in today’s session.
Like with solana, this relocation saw cardano struck its highest mark since November, and followed a breakout of a ceiling at $0.3250.
Looking at the chart, as an outcome these days’s rally, the 14-day RSI increased to a level not seen since September 2021.
Due to this, earlier gains have actually rather relieved, and as of composing, ADA/USD is trading at $0.3247.
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Could cardano rally back beyond this resistance level in the coming days? Let us understand your ideas in the comments.
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