Solana (SOL)
The price of Solana (SOL) surged towards the $20.00 level on Monday, as investors prepared for a week of significant U.S. economic data. SOL/USD reached a peak of $19.95 at the start of the week, following a low of $18.65 the previous day. This upward movement propelled Solana to its highest level since September 8 when the price was last above $20.00.
Analysts observed that this increase in price coincided with the 14-day relative strength index (RSI) rising above a crucial threshold at 49.00. At present, the RSI stands at 50.45, and the next significant resistance level can be seen at 53.00. If SOL continues to gain strength and surpasses this point, it is likely to trade around $20.50.
Bitcoin Cash (BCH)
Bitcoin Cash (BCH) also experienced significant movement on Monday, with a surge of up to 5% during the trading session. After hitting a low of $205.78 on Sunday, BCH/USD rallied to an intraday high of $221.88 to start the week. This price increase briefly pushed Bitcoin Cash above a resistance level at $222.00, reaching a three-week high in the process.
This surge in price has brought Bitcoin Cash’s relative strength index (RSI) into collision with its own resistance level at 60.00. Currently, the RSI is slightly above this point at 61.44, marking its highest level since July. If BCH continues to break through this resistance, there is a possibility that it may approach $240.00 in the coming days.
Hot Take: Solana and Bitcoin Cash Show Strength in the Crypto Market
The recent price movements of Solana (SOL) and Bitcoin Cash (BCH) indicate strength and potential bullish momentum in the crypto market. Both cryptocurrencies experienced significant surges, with SOL nearing the $20.00 level and BCH breaking out of its resistance at $222.00.
These positive developments are supported by technical indicators such as the relative strength index (RSI), which suggests further upward movement for both SOL and BCH. If these cryptocurrencies continue to gain strength and surpass key resistance levels, they could see further price appreciation in the near future.
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