Posted on: 10. January 2023 Posted by: admin Comments: 0

• Solana (SOL) surged by as much as 22% on Monday, climbing to its highest point since November.
• Cardano (ADA) climbed by nearly 13%, hitting its highest mark since November.
• Both tokens saw a breakout of key resistance levels, with the 14-day relative strength index (RSI) rising to its strongest point since April and September 2021 respectively.

Cryptocurrency markets experienced a surge of bullish sentiment on Monday, with two of the top tokens, Solana (SOL) and Cardano (ADA), experiencing notable gains.

Solana (SOL) kicked off the rally, with prices of the token rising by as much as 22%. SOL/USD surged to an intraday high of $16.62, which comes less than 24 hours after trading at a low of $13.47. This marks the highest point for the token since November 12, days after the token plummeted, after being exposed to the FTX/Alameda scandal.

The rally was likely a result of a breakout of a key resistance level at the $15.00 mark. As a result of this, the 14-day relative strength index (RSI) has risen to 73.26, its strongest point since April.

Cardano (ADA) was the other big mover on Monday, climbing by nearly 13%. Following a low of $0.2865 on Sunday, ADA/USD hit a high of $0.3409 earlier in today’s session. This marks the highest point for the token since November, and came after a breakout of a ceiling at $0.3250. As a result of this, the 14-day RSI rose to a level not seen since September 2021.

Overall, Monday’s bullish sentiment has given cryptocurrency markets a welcome boost after a period of turbulence. With both tokens having broken out of key resistance levels, it will be interesting to see if the momentum can be maintained in the days and weeks ahead.