Biggest Movers: SOL Hits 3-Week High, as ADA Consolidates Ahead of FOMC Meeting
Solana surged to a three-week high ahead of this afternoon’s Federal Open Market Committee meeting (FOMC). The token rose for a second consecutive day, hitting a key price ceiling in the process. Cardano mainly consolidated on Wednesday, as prices fell from a recent high.
Solana (SOL) was a notable gainer on Wednesday, as prices surged to a three-week high.
Following a low of $13.61 on Tuesday, SOL/USD raced to an intraday high of $14.68 earlier in today’s session.
As a result, solana moved to its strongest point since November 26, which is the last time prices were trading above a key ceiling of $14.70.
SOL/USD – Daily Chart
Looking at the chart, this resistance point has yet to be broken following today’s gains, with SOL trading at $14.67 as of writing.
The 14-day relative strength index (RSI) also rose, and is currently tracking at 48.36, however it also failed to break out of a resistance level.
As of writing, the index remains below a ceiling of 49.00, which appears to be the main obstacle in place, preventing any further surges.
On the other hand, cardano (ADA) moved away from a recent eight-day high, as price consolidated ahead of today’s FOMC meeting.
ADA/USD fell to a low of $0.3069 earlier in the day, which comes less than a day after hitting a peak at $0.3152.
This surge in price sent cardano to its strongest point since December 5, which is the last time price was above a ceiling of $0.3270.
ADA/USD – Daily Chart
From the chart, it can be seen that today’s price consolidation began following a failed breakout of the 46.00 ceiling on the RSI indicator.
Currently, the index is tracking at 43.79, with momentum appearing to be heading for a floor at 37.60.
Should price strength reach this point, it is likely that ADA will be trading close to the $0.3000 support level.
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Do you expect cardano to rally following today’s interest rate decision? Let us know your thoughts in the comments.
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