Biggest Movers: SOL up 22% as ADA Hits Highest Point Since November

Biggest Movers: SOL up 22% as ADA Hits Highest Point Since November Biggest Movers: SOL up 22% as ADA Hits Highest Point Since November  0

Solana surged by as much as 22% on Monday, as bullish sentiment returned to cryptocurrency markets. The move saw the token climb to its highest point since November, when it was embroiled in the FTX collapse. Cardano also moved higher to start the week, climbing by nearly 13%.

Solana (SOL)

Solana (SOL) was one of Monday’s big movers, as prices of the token rose by as much as 22%.

SOL/USD surged to an intraday high of $16.62 to start the week, which comes less than 24 hours after trading at a low of $13.47.

Today’s rise in price pushed SOL to its strongest point since November 12, days after the token plummeted, after being exposed to the FTX/Alameda scandal.

Biggest Movers: SOL up 22% as ADA Hits Highest Point Since November  1SOL/USD – Daily Chart

From the chart, Monday’s rally came following a breakout of a key resistance level at the $15.00 mark.

As a result of this, the 14-day relative strength index (RSI) has risen to 73.26, which is its strongest point since April.

Due to prices now being relatively overbought, there is a strong possibility that there could be a reversal in momentum in the coming days.

Cardano (ADA)

Cardano (ADA) was another notable gainer to start the week, with the token climbing for a second straight day.

Following a low of $0.2865 on Sunday, ADA/USD hit a high of $0.3409 earlier in today’s session.

Like with solana, this move saw cardano hit its highest mark since November, and came after a breakout of a ceiling at $0.3250.

Biggest Movers: SOL up 22% as ADA Hits Highest Point Since November  2ADA/USD – Daily Chart

Looking at the chart, as a result of today’s rally, the 14-day RSI rose to a level not seen since September 2021.

Due to this, earlier gains have somewhat eased, and as of writing, ADA/USD is trading at $0.3247.

Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story ada, Analysis, Cardano, SOL, Solana

Could cardano rally back beyond this resistance level in the coming days? Let us know your thoughts in the comments.

Biggest Movers: SOL up 22% as ADA Hits Highest Point Since November  3 Eliman Dambell

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

Biggest Movers: SOL up 22% as ADA Hits Highest Point Since November  4 Bitcoin, Ethereum Technical Analysis: BTC Climbs Back Above $17K, Hitting 3-Week High MARKET UPDATES | 4 hours ago Biggest Movers: SOL up 22% as ADA Hits Highest Point Since November  5 Biggest Movers: ETC Surges 14% to Hit 6-Week High on Saturday MARKET UPDATES | 2 days ago

Image Credits: Shutterstock, Pixabay, Wiki Commons

Previous article

Uncertainty Surrounds Federal Reserve’s Future Plans for Rate Hikes

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimerShow comments

More Popular News

In Case You Missed It

Biggest Movers: SOL up 22% as ADA Hits Highest Point Since November  6

Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework

Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)’s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real … read more.

SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn’t Be Surprised if Stocks Fell 40% FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms

Source

Updated: 01/09/2023 — 13:00

Leave a Reply

Your email address will not be published. Required fields are marked *

Btc news © 2021 Frontier Theme