Solana extended recent gains on Wednesday, as the token rose by as much as 15% in today’s session. The move saw prices hit their highest point since mid-December, and comes as market sentiment has shifted in a bullish direction. Cardano was also in the green, as it hit a one-week high today.
Solana (SOL) rose for a sixth straight session on Wednesday, as market momentum remains bullish.
SOL/USD surged to a high of $14.10 earlier in the day, less than a day after trading at a low of $11.83.
Today’s rally saw the token climb to its highest point since December 15, when it last collided with a resistance level of $14.50.
Looking at the chart, Wednesday’s surge comes as SOL moved beyond a ceiling of 53.00 on the relative strength index (RSI).
As of writing, the index is tracking at 59.79, which is its strongest point since Nov. 6.
Bulls in solana will likely continue to attempt a breakout of a ceiling at $14.50 in the coming days.
Another notable gainer on Wednesday was cardano (ADA), which climbed to a one-week high earlier today.
Following a low of $0.2505 on Tuesday, ADA/USD raced to a peak of $0.2668 earlier in today’s session.
The move saw the token collide with a long-term resistance level of $0.2660, hitting its highest level since December 27 in the process.
As can be seen from the chart, this rally pushed the RSI to its own resistance of 47.00, which has resulted in earlier gains easing.
Currently, the index is tracking at 46.75, with cardano trading at $0.2649 ahead of the U.S. Federal Reserve’s meeting minutes for December.
The moving average of 10 days (red), and its 25-day (blue) counterpart have also neared in proximity, which could be catalyst for an upwards cross later in the week.
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Do you expect cardano to break its current resistance level this week? Let us know your thoughts in the comments.
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.
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