Solana rose by as much as 11% to start the week, as the token moved higher for a fourth consecutive session. Market sentiment has mostly been bullish in the past two weeks, leading to prices hitting a multi-month high on Monday. Bitcoin cash also surged, climbing to its strongest level since July.
Solana (SOL)
Solana (SOL) rose by over 11% in Monday’s session, as the token raced to a multi-month high earlier in the day.
Following a low of $24.04 on Sunday, SOL/USD surged to an intraday peak of $26.93 to start the week.
As a result of this move, solana climbed to its highest level since November 8, when price hit a high of $31.78.
This is the fourth straight session that solana has risen, with prices breaking out of a key resistance level of $26.00 in the process.
In addition to this, the 14-day relative strength index (RSI) has moved beyond a ceiling of its own at 62.00.
Currently, the index is tracking at 63.58, and should it continue in this upward direction, SOL could hit $30.00 in the coming days.
Bitcoin Cash (BCH)
Another notable gainer on Monday has been bitcoin cash (BCH), which also moved to its highest point in the past several months..
BCH/USD raced to a high of $146.83 earlier in the day, which comes after trading at a bottom of $134.55 on Sunday.
The rally took bitcoin cash to a point not seen since July 31, when the cryptocurrency traded above $150.00.
This comes as the 10-day (red) moving average nears a crossover with its 25-day (blue) counterpart.
Additionally, the RSI has also moved to a 16-day high, and is tracking at 65.85, which is near a ceiling of 66.00.
Should price strength pass this hurdle, then BCH bulls will likely recapture the $150.00 mark.
Register your email here to get weekly price analysis updates sent to your inbox:
What is behind today’s rally in bitcoin cash? Let us know your thoughts in the comments.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Dennis Diatel / Shutterstock.com
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
