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.

SOL/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.

ADA/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:

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

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.




Image Credits: Shutterstock, Pixabay, Wiki Commons

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.





Source link

By GIL