SOL rebounds from recent losses, ATOM 5% higher on Friday – Bitcoin News
The Cosmos rode higher for a second consecutive session, having recently snapped a four-day losing streak. Friday’s move saw the token move closer to a key resistance level of $12.50. Solana also rose earlier in the day, as the price bounced off an important support point.
Cosmos (ATOM)
Cosmos (ATOM), was one of Friday’s notable winners, as the token moved closer to a key resistance level.
After a low of $11.70 on Thursday, ATOM/USD rallied to an intraday high of $12.38 earlier today.
As a result of this move, the cosmos moved towards a resistance point at the $12.50 level, which was last hit on Monday.
Looking at the chart, the 14-day relative strength index (RSI) is also hovering near a ceiling of its own, at 66.00.
Currently, the index is tracking at 65.85, which could lead to marginal consolidation, with previous bulls choosing to liquidate their positions.
However, should this mentioned ceiling be breached, it is likely that ATOM could move towards $13.00.
Solana (SOL)
Like ATOM, solana (SOL) also moved higher as the token continued to move away from a support point of $20.00.
SOL/USD rose to a high of $21.77 earlier in the session, following up from a low of $20.53 the previous day.
Today’s rally sees solana in a bullish attempt to regain market momentum, following the latest price drop.
As can be seen on the chart, the move occurred despite the RSI remaining below its own ceiling of 68.00.
Because of this, earlier gains have waned somewhat as traders appeared to be preparing for another reversal.
Currently, solana is trading at $21.43, with long-term bulls still likely targeting an exit at $24.00.
Register your email here to get weekly price analysis updates delivered to your inbox:
Can Solana sustain this rally over the next few weeks? Let us know your thoughts in the comments.
Image credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or an endorsement or recommendation of products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on content, goods or services mentioned in this article.
