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 di...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
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.
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.
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:
Do you expect cardano to break its current resistance level this week? 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
Tokenized stocks traded over $1B on Solana, Robinhood Chain, BNB Chain, and Base during Labor Day weekend
The rise of tokenized stock trading on decentralized platforms highlights a shift towards 24/7 global financial markets, challengi...
Solana’s tokenized Grindr stock nears $31M in trading volume, nearly doubling NYSE figures
Solana's tokenized equity surge highlights blockchain's potential to disrupt traditional markets, though sustainability and access...
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...
Solana Tokenized Stocks Hit Record $684M as Trading Surges
Tokenized equities on Solana have climbed to an all-time high of roughly $684 million as real-world assets, stock trading, and new...
DraftKings’ tokenized stock DKNG hits $39M in volume on Solana within three hours
Solana's rise as a dominant platform for tokenized equities challenges traditional finance and other blockchains, reshaping invest...
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...