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) 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.
Today’s price gains pushed SOL to its highest point since November 12, days after the token plummeted following exposure to the FTX/Alameda scandal.
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 strength 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) 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.
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.
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Can Cardano rally past this resistance in the coming days? Let us know your thoughts in the comments.
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, including cryptocurrencies, equities, and foreign exchange.
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