shutterstock 2025703817

Solana surged 22% on Monday as bullish sentiment returned to the cryptocurrency market. The move saw the token climb to its highest point since November, when it was embroiled in the FTX crash. Cardano also started the week higher, gaining nearly 13%.

Solana (SOL)

Solana (SOL) was one of the top gainers on Monday, with the token price up 22%.

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

’s price gains pushed SOL to its highest point since November 12, days after the token plummeted following exposure to the FTX/Alameda scandal.

solusd 2023 01 09 13 29 00 240ae

As can be seen from the chart, Monday’s rally came after a break above key resistance at the $15.00 mark.

As a result, the 14-day relative index (RSI) has risen to 73.26, the highest since April.

With prices currently relatively overbought, a reversal in momentum is likely in the coming days.

Cardano (ADA)

Cardano (ADA) was another notable winner to start the week, with the coin climbing for the second day in a row.

ADA/USD hit a high of $0.3409 earlier today, following a low of $0.2865 on Sunday.

Like solana, the move saw Cardano hit its highest point since November last year and comes after breaking above the $0.3250 ceiling.

adausd 2023 01 09 13 28 51 1636f
ADA/USD – daily chart

Looking at the chart, the 14-day RSI rose to its highest level since September 2021 thanks to today’s rally.

As a result, earlier gains have moderated, with ADA/USD trading at $0.3247 at the time of writing.

Sign up for your email here to get weekly price analysis updates delivered to your inbox:

Can Cardano rally past this resistance in the coming days? Let us know your thoughts in the comments.


Elliman Dambell

Eliman brings an eclectic perspective to market analysis and was previously a brokerage director and retail trading educator. Currently, he serves as a commentator on various asset classes, cryptocurrencies, equities, and foreign exchange.

image credits: Shutterstock, Pixabay, Wiki Commons

disclaimer: This article is for reference only. It is not a direct offer or solicitation of an offer to buy or sell, nor is it a recommendation or endorsement of any product, service or company. does not provide investment, tax, legal or accounting advice. Neither the Company nor the author shall be liable, 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 herein.

See also  UK Regulator Allows 5 Crypto Firms to Operate Through Temporary Registration – Regulated Bitcoin News

By Rebecca French

Rebecca French writes books about Technology and smartwatches. Her books have received starred reviews in Technology Shout, Publishers Weekly, Library Journal, and Booklist. She is a New York Times and a USA Today Bestseller...