Biggest Movers: SOL up 15%, as Bullish Sentiment Continues to Rise

Biggest Movers: SOL up 15%, as Bullish Sentiment Continues to Rise

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)

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. SOL/USD – Daily Chart

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. Cardano (ADA)

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. ADA/USD – Daily Chart

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.

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

Do you expect cardano to break its current resistance level this week? 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. Bitcoin, Ethereum Technical Analysis: ETH Hits 3-Week High Ahead of FOMC Minutes MARKET UPDATES | 8 hours ago Declining Interest Leads to Poor Market Performance for Ethereum Proof-of-Work Forks MARKET UPDATES | 1 day ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleFormer FTX CEO Sam Bankman-Fried Pleads Not Guilty to Criminal Charges, Bond Signees’ Names Remain Sealed  Next articleIndicted FTX Co-Founder Sam Bankman-Fried Discussed ‘Pandemic Prevention’ With Biden Administration Officials 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 NewsIn Case You Missed ItRipple CEO: SEC Lawsuit Over XRP "Has Gone Exceedingly Well"

The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.Today"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike Economist Predicts the Fed"s Response to Inflation Will Push Crypto Higher