Biggest Movers: SOL up 22% as ADA Hits Highest Point Since November

Solana surged by arsenic overmuch arsenic 22% connected Monday, arsenic bullish sentiment returned to cryptocurrency markets. The determination saw the token ascent to its highest constituent since November, erstwhile it was embroiled successful the FTX collapse. Cardano besides moved higher to commencement the week, climbing by astir 13%.

Solana (SOL)

Solana (SOL) was 1 of Monday’s large movers, arsenic prices of the token roseate by arsenic overmuch arsenic 22%.

SOL/USD surged to an intraday precocious of $16.62 to commencement the week, which comes little than 24 hours aft trading astatine a debased of $13.47.

Today’s emergence successful terms pushed SOL to its strongest constituent since November 12, days aft the token plummeted, aft being exposed to the FTX/Alameda scandal.

SOL/USD – Daily Chart

From the chart, Monday’s rally came pursuing a breakout of a cardinal absorption level astatine the $15.00 mark.

As a effect of this, the 14-day comparative spot scale (RSI) has risen to 73.26, which is its strongest constituent since April.

Due to prices present being comparatively overbought, determination is simply a beardown anticipation that determination could beryllium a reversal successful momentum successful the coming days.

Cardano (ADA)

Cardano (ADA) was different notable gainer to commencement the week, with the token climbing for a 2nd consecutive day.

Following a debased of $0.2865 connected Sunday, ADA/USD deed a precocious of $0.3409 earlier successful today’s session.

Like with solana, this determination saw cardano deed its highest people since November, and came aft a breakout of a ceiling astatine $0.3250.

ADA/USD – Daily Chart

Looking astatine the chart, arsenic a effect of today’s rally, the 14-day RSI roseate to a level not seen since September 2021.

Due to this, earlier gains person somewhat eased, and arsenic of writing, ADA/USD is trading astatine $0.3247.

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Could cardano rally backmost beyond this absorption level successful the coming days? Let america cognize your thoughts successful the comments.

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