SOL Hits 3-Week High, As ADA Consolidates Ahead Of FOMC Meeting – Bitcoin News
Solana rose to a three-week high ahead of this afternoon’s Federal Open Market Committee (FOMC) meeting. The token rose for the second day in a row, hitting a key price ceiling in the process. Cardano mainly consolidated on Wednesday, as prices fell from a recent high.
Solana (SOL)
Solana (SOL) was a notable gainer on Wednesday, as prices rose to a three-week high.
After a low of $13.61 on Tuesday, SOL/USD rallied to an intraday high of $14.68 earlier in today’s session.
As a result, solana moved to its strongest point since November 26, which is the last time prices traded above a key ceiling of $14.70.
Looking at the chart, this resistance point has yet to be breached following today’s gains, with SOL trading at $14.67 at the time of writing.
The 14-day relative strength index (RSI) also rose, currently trailing at 48.36, but it also failed to break out of a resistance level.
At the time of writing, the index is holding below a ceiling of 49.00, which appears to be the main obstacle in place, preventing further gains.
Cardano (ADA)
On the other hand, cardano (ADA) moved away from the recent eight-day high as the price consolidated ahead of today’s FOMC meeting.
ADA/USD fell to a low of $0.3069 earlier in the day, which comes less than a day after hitting a high of $0.3152.
This price increase sent cardano to its strongest point since December 5, which is the last time the price was above a ceiling of $0.3270.
From the chart, it can be seen that today’s price consolidation began after a failed breakout of the 46.00 ceiling on the RSI indicator.
Currently, the index is trailing at 43.79, with momentum appearing to head towards a floor of 37.60.
Should price strength reach this point, ADA is likely to trade near the $0.3000 support level.
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