• Solana (SOL) surged by as much as 22% on Monday, reaching its highest point since November.
• Cardano (ADA) also moved higher, climbing by nearly 13%.
• Monday’s rally saw both tokens break out of key resistance levels, pushing their respective 14-day RSI to overbought levels.
Cryptocurrency markets saw an influx of bullish sentiment on Monday, as two of the market’s major players, Solana (SOL) and Cardano (ADA), surged in price. The surge saw both tokens hit their highest point since November, when the market was embroiled in the FTX/Alameda scandal.
Solana (SOL) was one of the major movers on Monday, as prices of the token rose by as much as 22%. SOL/USD surged to an intraday high of $16.62 to start the week, which comes less than 24 hours after trading at a low of $13.47. This move saw Solana hit its strongest point since November 12, when the token plummeted following the FTX/Alameda scandal. Analysts attribute this surge in price to a breakout of a key resistance level at the $15.00 mark, which pushed the 14-day relative strength index (RSI) to 73.26, its highest point since April.
Cardano (ADA) was another major gainer on Monday, climbing by nearly 13% to start the week. Following a low of $0.2865 on Sunday, ADA/USD hit a high of $0.3409 earlier in today’s session, breaking out of a ceiling at $0.3250 and pushing the 14-day RSI to a level not seen since September 2021.
As of writing, both Solana (SOL) and Cardano (ADA) have pulled back slightly, trading at $16.07 and $0.3247 respectively. While Monday’s rally has been significant for both tokens, some analysts have suggested that the recent surge in prices could be due for a reversal, as both tokens are now relatively overbought. However, given the overwhelming bullish sentiment in the market, it remains to be seen whether or not the prices of both tokens can be sustained.