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04/08/2023

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Biggest Movers: ADA Extends Gains, as SOL Consolidates on Saturday – Market Updates Bitcoin News

Cardano rose for a second straight session to start the weekend, as the token continued to move away from a key price floor. Cryptocurrency markets were marginally higher in today’s session, with the global...

Biggest Movers: ADA Extends Gains, as SOL Consolidates on Saturday – Market Updates Bitcoin News

Cardano rose for a second straight session to start the weekend, as the token continued to move away from a key price floor. Cryptocurrency markets were marginally higher in today’s session, with the global market up 0.56% as of writing. Solana continued to consolidate on Saturday.

Cardano (ADA)

Cardano (ADA) rose for a second consecutive session, as the token moved away from a recent support point.

Following a low of $0.3783 on Friday, ADA/USD jumped to an intraday peak at $0.3902 to start the weekend.

As a result of the move, cardano moved further away from a recent floor at $0.3775, following a failed breakout attempt.

ADA/USD – Daily Chart

From the chart, it appears that bulls rejected the breakout after the 14-day relative strength index (RSI) bounced from a floor at 55.00.

At the time of writing, the index is tracking at 56.96, with a ceiling at 60.00 a potential target for traders.

Should they reach this destination, there is a good chance that ADA will be trading above $0.4000.

Solana (SOL)

After a volatile week of trading, solana (SOL) entered the weekend marginally higher, however price uncertainty was also high.

SOL/USD reached a top at $20.71 to start the weekend, a day after sitting at a low of $20.33.

Saturday’s activity sees solana continue to hover close to a long-term floor at $20.15, and this comes following a crossover of moving averages (MA).

SOL/USD – Daily Chart

The 10-day (red) MA moved below its 25-day (blue) counterpart earlier in the week, however was unable to extend its distance from this trendline.

This comes as the 14-day RSI remains close to a point of support of its own, at the 46.00 mark.

Until a breakout of this floor occurs, or there is a move above resistance, it is likely that SOL will continue to trend sideways.

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Do you expect solana to rally this weekend? Let us know your thoughts in the comments.

Eliman Dambell

Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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