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07/07/2023

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Biggest Movers: SOL Hits Fresh 4-Week High on Friday, ADA Snaps Losing Streak | Crypto Breaking News

Solana was one of Friday’s biggest gainers, as the cryptocurrency rose by over 11% during today’s session. The move came as markets reacted to June’s nonfarm payrolls report, which came in at 209,000, below...

Biggest Movers: SOL Hits Fresh 4-Week High on Friday, ADA Snaps Losing Streak | Crypto Breaking News

SOL Hits Fresh 4-Week High on Friday, Whilst ADA Snaps Losing Streak

Solana was one of Friday’s biggest gainers, as the cryptocurrency rose by over 11% during today’s session. The move came as markets reacted to June’s nonfarm payrolls report, which came in at 209,000, below expectations of 229,000. On the other hand, cardano ended a three-day losing streak.

Solana (SOL)

Solana (SOL) rallied for a second straight session on Friday, as the token rose above a ceiling at $20.00

SOL/USD hit an intraday peak at $21.22 earlier in today’s session, which came in response to the latest U.S. nonfarm payrolls report.

As a result of the surge, solana hit its strongest point since June 5, when the price peaked at $22.06

Looking at the chart, the move came as the relative strength index (RSI) broke out of a resistance level of 65.00.

At the time of writing, price strength is now tracking at 68.30, which is its highest level since April 14.

The next visible point of resistance appears to be at the 70.00 level, and in the event it reaches this point, it is likely that SOL will hit $22.50.

Cardano (ADA)

Cardano (ADA) rebounded in today’s session, as the cryptocurrency snapped a three-day losing streak.

After falling to a low of $0.278 on Thursday, ADA/USD jumped to a high of $0.2874 earlier in the day.

The move saw cardano rebound from a one-week low, as bulls reentered the market close to a floor at $0.2875.

One of the catalysts of this rally was the 14-day RSI, which bounced on its own support point at the 43.00 zone.

As of writing, the index is now tracking at 45.25, a point that is marginally below a ceiling at 46.00.

Earlier gains have somewhat eased as a result of this, with ADA now trading at $0.2842.

Register your email here to get weekly price analysis updates sent to your inbox:

Do you expect cardano to extend today’s gains into the weekend? Let us know your thoughts in the comments.

Source: Bitcoin.com

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