Solana rose for a second straight day on Thursday, as the token moved closer to its long-term resistance point of $35.00. Monero was also in the green during today’s session, extending recent gains in the process. Overall, markets attempted to rebound, following a red wave which swept through markets to start the week.
Solana (SOL) was mostly higher during Thursday’s session, as the token moved towards a key resistance level.
Following a low of $32.79 on Wednesday, SOL/USD rose to an intraday high of $33.92 earlier in the day.
The move saw solana move closer to its ceiling of $35.00, which has mostly held firm for the past fortnight.
SOL/USD – Daily Chart
As can be seen from the chart, today’s climb led to the 10-day (red) moving average nearing a crossover with its 25-day (blue) counterpart.
Despite the prospect of this occurring, prices may remain lower up until the 14-day relative strength index (RSI) breakout out of an upcoming ceiling of its own.
The index, which is currently tracking at 49.22 is nearing a resistance mark of 51.00, which will likely be a major hurdle in preventing SOL from further gains.
Another notable mover in today’s session was monero (XMR), which also moved higher for a second consecutive day.
Despite current market volatility, XMR/USD was able to rise on Thursday, hitting a peak of $148.98 in the process.
As a result of today’s surge, the token remains close to Monday’s top of $152.84, which was a two-week high.
XMR/USD – Daily Chart
This point was also close to a resistance of $153.00, and it appears as if bulls opted to secure gains as opposed to pushing for a breakout.
Chances are, monero bulls are now aiming to not only recapture, but rally beyond this ceiling in the coming days.
However, like solana, XMR will need to move beyond a ceiling of 51.55 on its RSI, if it is to extend today’s run.
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Could monero hit a fresh multi-week high in the coming days? Let us know your thoughts in the comments.