Biggest Movers: SHIB Hits 6-Week High, Whilst SOL Extends Recent Gains

Solana surged by as much as 30% on Saturday, setting a fresh multi-month high in the process. The move comes as cryptocurrency markets were significantly bullish to start the weekend, with the global market cap 8.28% higher as of writing. Shiba inu was trading at its strongest point since November.

Solana (SOL)

Solana (SOL) was easily one of the biggest movers to start the weekend, with prices skyrocketing by as much as 30%.

Following a low of $16.52 yesterday, SOL/USD surged to an intraday high of $22.37 earlier today.

As a result of today’s rally the token hit its strongest point since November 9, when price was at a top of $24.60.

From the chart, the move commenced after yet another burst beyond a resistance point on the 14-day relative strength (RSI).

On this occasion, the index moved above a ceiling at the 80.00 level, and is now tracking at 85.44.

Although solana bulls will have their eyes set on $25.00, there could be a cooling off of the earlier rally as the day matures.

Shiba Inu (SHIB)

Shiba inu (SHIB) was once again a notable gainer in crypto markets, as the meme coin rose by over 10% today.

SHIB/USD hit a peak of $0.00001081 to start the weekend, after ending the working week at a low of $0.000009462.

Like with solana above, this resulted in prices climbing to their highest level since early November.

Overall, shiba inu has now risen for a third consecutive session, and is up 24% in the last seven days.

Earlier gains have already begun to show signs of easing, with price now trading at $0.00001039.

This comes after the RSI failed to break out of its long-term resistance point at the 80.00 mark.

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

Do you expect cryptocurrencies to remain bullish throughout the weekend? Let us know your thoughts in the comments.

Share:

Share on facebook
Facebook
Share on twitter
Twitter
Share on pinterest
Pinterest
Share on linkedin
LinkedIn
On Key

Related Posts

Bitcoin Difficulty Surges 4.68%, Taps New All-Time High; Metric Set to Surpass 40 Trillion

The Bitcoin blockchain recorded another difficulty increase on Sunday, Jan. 29, 2023, at block height 774,144. The network’s difficulty increased by 4.68%, from 37.59 trillion to an all-time high of 39.35 trillion. Bitcoin Difficulty Reaches New All-Time High as Mining Gets Tougher Bitcoin’s difficulty reached another all-time high, surpassing the record set two weeks ago,

Market Strategist Warns of ‘Blood’ on February 1 Ahead of Fed Meeting

Stocks, precious metals, and cryptocurrencies rallied during the first month of the year, and market strategists are saying that markets could retract in the near future if the U.S. Federal Reserve keeps hiking rates and maintaining a broader tightening policy. In three days, on Feb. 1, 2023, the Federal Open Market Committee (FOMC) is set