Solana extended its recent gains on Wednesday, rising as much as 15% in today’s session. The move is a sign that market sentiment is shifting in a bullish direction, with prices hitting their highest levels since mid-December. Cardano also remained in the green, reaching a one-week high.
Solana (SOL)
rose for a sixth consecutive session on Wednesday as market momentum remained bullish.
SOL/USD surged to an early morning high of $14.10, less than a day after trading as low as $11.83.
Today’s rally took the token to its highest point since December 15, when it last hit the $14.50 resistance level.
As of this writing, the index is hovering at 59.79, which is its strongest point since November 6.
Solana bulls are likely to attempt a breakout of the $14.50 ceiling over the next few days.
Another notable gainer on Wednesday was Cardano (ADA)
which rose to a one-week high earlier today.
Following a low of $0.2505 on Tuesday, theADAalso rallied, with the ADA43} ADA/USD soaring to a peak of $0.2668 earlier in today’s session.
The move saw the token hit 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 move pushed the RSI up to its own resistance level of 47.00 and resulted in a moderation of the previous rally.
Currently, the index is tracking at 46.75, and ahead of the December Federal Reserve meeting minutes, Cardano is trading at $0.2649.
The 10-day (red) and 25-day (blue) moving averages are also close and could catalyze an upward cross later in the week.
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