Biggest Movers: ATOM, SOL Remain Close to Multi-Week Highs, as Markets Consolidate Recent Gains
Cosmos climbed by as much as 5% in Wednesday’s session, as the token remained close to a multi-week high. Cryptocurrency markets consolidated recent gains in today’s session, with the global market cap down by 0.24% as o...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
Cosmos climbed by as much as 5% in Wednesday’s session, as the token remained close to a multi-week high. Cryptocurrency markets consolidated recent gains in today’s session, with the global market cap down by 0.24% as of writing. Solana continued to trade above $20.00, as prices consolidated.
Cosmos (ATOM)Cosmos (ATOM) was once again in the green, as prices remained close to a recent multi-week high.
Following a high of $13.47 on Tuesday, ATOM/USD hit a peak of $13.41 earlier in today’s session, before prices have since plunged.
Since hitting a three-week high during yesterday’s session, cosmos bulls have moved to consolidate gains, with ATOM now trading at $12.55.
Overall, bulls have seemingly moved to take profits, following a failed breakout attempt of the $13.50 ceiling.
Looking at the chart, the decline comes as the 14-day relative strength index (RSI) was also unable to move past a resistance zone of its own at 57.00
As of writing, the index is tracking at 51.52, with a floor at 50.00 a possible destination for traders.
Solana (SOL)In addition to ATOM, solana (SOL) also remained near a recent high, despite market sentiment shifting in today’s session.
SOL/USD fell to a low of $20.31 earlier in today’s session, hours removed from a peak at the $22.11 mark.
Yesterday’s high saw solana trade at its strongest point since March 2, when the token was trading close to $23.00.
From the chart, it appears that the SOL bulls began shifting away from earlier positions, following a collision with a ceiling on the RSI.
Price strength hit a point of resistance at the 50.00 level, which has been in place since late-February.
As of writing, the index is now tracking at 48.91, with the next visible floor at the 45.00 level.
Register your email here to get weekly price analysis updates sent to your inbox:
Has the recent bull wave completely faded? Let us know your thoughts in the comments.
Why this matters
This altcoin story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on Bitcoin NewsRelated market context
Crypto never closes, but Bitcoin, Ethereum, XRP and Solana now move on Wall Street time
Bitcoin trades nonstop, but a decade of data shows its volatility increasingly follows Wall Street’s clock. A recent study found t...
Bitcoin and Gold Are Now the Same Trade. Which One Is Worth Owning?
Producer prices stayed hot on Thursday morning. Gold, the Nasdaq-100 and bitcoin each fell more than 1%. The 30-year Treasury yiel...
Treasury buys $5.2 billion of bonds as Bitcoin ETF flows stay negative
The U.S. Treasury bought $5.187 billion of long-dated government bonds on Sept. 10, completing the first operation under its expan...
XRP Price Analysis: 3 Major Catalysts Set to Shape September
XRP is changing hands in the low-$1.30s, sitting near a level our price analysis has circled for weeks. That’s not a coincidence....
Hey Wallet sunsets its products, impacting Solana users
The closure of Hey Wallet highlights the volatility and challenges in sustaining blockchain-based services, impacting user trust a...
Solana surpasses Robinhood Chain in 24-hour DEX volume, reclaiming top spot
Solana's regained dominance highlights its ecosystem's resilience and maturity, while Robinhood Chain's rapid rise underscores evo...