Solana (SOL)
Solana (SOL) experienced a significant rebound after two days of consecutive declines. The cryptocurrency reached a high of $24.40 on Thursday, bouncing back from a low of $23.26 the day before. This surge brought SOL/USD closer to the long-term resistance level at $25.00.
However, in order to break through this level, solana traders will need to see the relative strength index (RSI) move beyond its current ceiling at 65.00. Currently, the RSI is at 65.06, but bulls may wait for it to reach 66.00 or 67.00 before entering the market.
Cosmos (ATOM)
On the other hand, cosmos (ATOM) experienced a decline and reached its lowest point in over a year after three days of falling prices. After reaching a high of $6.36, ATOM/USD dropped to a low of $6.19.
This is the lowest level cosmos has seen since mid-June 2022 when it fell to $5.84.
Although there has been some easing in the previous declines, cosmos is still oversold and remains above the support level at 30.00.
Hot Take: Solana Rebounds While Cosmos Hits Lowest Level
Solana (SOL) managed to recover after two days of declines, pushing closer to the $25.00 resistance level. On the other hand, Cosmos (ATOM) experienced a drop and reached its lowest point in over a year. Both cryptocurrencies are currently facing key levels that will determine their future price movements.
Benito Cormi, the brilliant crypto analyst who has made waves in the world of cryptocurrency. With his razor-sharp analytical skills and deep understanding of the digital asset landscape, Benito has become a trusted figure in the industry and remains at the forefront, tirelessly researching and analyzing market trends to help individuals and businesses make informed decisions in this dynamic landscape.