Tuesday, 21 February 2023

Biggest Movers: SOL 11% Higher, BCH Hits Strongest Point Since July 

by Berkeley Lovelace

Biggest Movers: SOL 11% Higher, BCH Hits Strongest Point Since July 

Solana rose by as much as 11% to start the week, as the token moved higher for a fourth consecutive session. Market sentiment has mostly been bullish in the past two weeks, leading to prices hitting a multi-month high on Monday. Bitcoin cash also surged, climbing to its strongest level since July.

Solana (SOL)

Solana (SOL) rose by over 11% in Monday’s session, as the token raced to a multi-month high earlier in the day.

Following a low of $24.04 on Sunday, SOL/USD surged to an intraday peak of $26.93 to start the week.

As a result of this move, solana climbed to its highest level since November 8, when price hit a high of $31.78.

This is the fourth straight session that solana has risen, with prices breaking out of a key resistance level of $26.00 in the process.

In addition to this, the 14-day relative strength index (RSI) has moved beyond a ceiling of its own at 62.00.

Currently, the index is tracking at 63.58, and should it continue in this upward direction, SOL could hit $30.00 in the coming days.

Bitcoin Cash (BCH)

Another notable gainer on Monday has been bitcoin cash (BCH), which also moved to its highest point in the past several months..

BCH/USD raced to a high of $146.83 earlier in the day, which comes after trading at a bottom of $134.55 on Sunday.

The rally took bitcoin cash to a point not seen since July 31, when the cryptocurrency traded above $150.00.

This comes as the 10-day (red) moving average nears a crossover with its 25-day (blue) counterpart.

Additionally, the RSI has also moved to a 16-day high, and is tracking at 65.85, which is near a ceiling of 66.00.

Should price strength pass this hurdle, then BCH bulls will likely recapture the $150.00 mark.

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What is behind today’s rally in bitcoin cash? Let us know your thoughts in the comments.