Biggest Movers: MATIC, SOL Move Towards 4-Month Highs On Saturday – Market Updates Bitcoin News
Polygon rose to its highest point in nearly four months on Saturday, as the token climbed to the $1.00 mark to start the weekend. Solana was also trading at a multi-month high, as it rose over 10% earlier in today’s session. At the time of writing, the global crypto market cap is trading almost 3% higher.
Polygon (MATIC)
Polygon (MATIC) was a notable winner on Saturday, as the token rose to its highest point since May.
Less than 24 hours after trading at a low of $0.9141, MATIC/USD climbed to a high of $1.02 to start the weekend.
This is the strongest point at which the token has traded since May 7, and comes after prices rose above a key resistance level.
Looking at the chart, this resistance was in the $0.9500 region, which was last breached on July 31st. But the move ultimately turned into a false outbreak.
At the time of writing, another resistance level was hit, with the 14-day relative strength index (RSI) now following a ceiling of its own.
This is 66 points on the index, which has been in place since July 17, when the RSI moved to a high above the 80 level.
After earlier highs, MATIC is again trading below $1.00 as bulls pulled back from their previous positions.
Solana (SOL)
In addition to MATIC, solana (SOL) was another big draw in today’s session, also climbing to its highest point since May.
SOL/USD rallied to an intraday high of $48.18 to start the weekend session, as bulls attempted to recapture the $50.00 point.
The move sees the Solana hit its highest point since May 25, coming as the 10-day (red) moving average (MA), crossed above the 25-day (blue) MA.
This is the first time since mid-July that such a cross has occurred, with prices rising from a floor of $32 to a ceiling of $47 on that occasion.
In addition to this, the 14-day RSI has also broken the ceiling, rising above the 59.20 resistance for the first time since July 18.
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Can solana reach $50.00 in August? Let us know your thoughts in the comments.
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