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SOL up 15%, as Bullish Sentiment Continues to Rise – Market Updates Bitcoin News

SOL up 15%, as Bullish Sentiment Continues to Rise – Market Updates Bitcoin News

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Solana added to recent gains on Wednesday, with the token up as much as 15% in today’s session. With the change, prices rose to their highest level since mid-December, and the market sentiment has changed in an upward direction. Cardano was also in the green as it hit a weekly high today.

Solana (SUN)

Solana (SOL) posted a sixth straight gain on Wednesday as the market continued to gain momentum.

SOL/USD rose to a high of $14.10 earlier in the day, less than a day after trading as low as $11.83.

Today’s rally saw the token hit its highest level since December 15, when it last hit the $14.50 resistance.

Biggest movers: SOL up 15% as bullish sentiment continues to rise
SOL/USD – Daily Chart

Looking at the chart, Wednesday’s rally comes as SOL crossed the 53.00 ceiling on the Relative Strength Index (RSI).

As of this writing, the index is tracking at 59.79, its strongest point since November 6.

Solana bulls are likely to continue breaking through the $14.50 ceiling in the coming days.

Cardano (ADA)

Another notable gainer on Wednesday was Cardano (ADA), which hit a weekly high earlier today.

After hitting a low of $0.2505 on Tuesday, ADA/USD rose to a high of $0.2668 earlier in today’s session.

The move saw the token bump into long-term resistance at $0.2660, hitting its highest level since December 27.

Biggest movers: SOL up 15% as bullish sentiment continues to rise
ADA/USD – Daily Chart

As you can see on the chart, this rally pushed the RSI to its own resistance of 47.00, which has led to previous gains.

Currently, the index is tracking at 46.75, and cardano is at $0.2649 ahead of the US Federal Reserve’s December meeting minutes.

The 10-day moving average (red) and its 25-day (blue) counterpart have also approached close, which could be the catalyst for a bullish cross later this week.

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Do you expect Cardano to break its current resistance this week? Let us know what you think in the comments.

Elijah Dambell

Eliman brings an eclectic perspective to market analysis, he was previously a brokerage manager and retail trainer. He is currently a commentator on various asset classes including Crypto, Stocks and FX.




The authors of the picture: Shutterstock, Pixabay, Wiki Commons

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