Solana rose by as much as 8% to start the week, as the token moved toward a one-month high. The token climbed for a second straight session, as the global banking crisis pushed investors towards cryptocurrencies. Chainlink was also higher, hitting a three-week high.
Solana (SOL) moved closer to a one-month high to start the week, as prices surged by as much as 10% in today’s session.
Following a low of $21.59 on Sunday, SOL/USD raced to an intraday peak of $23.83 earlier in the day.
As a result of Monday’s move, solana has now moved to its strongest point since late-February.
SOL/USD – Daily Chart
Overall, the token is now trading nearly 10% higher from the same point last week, when price was below $20.00.
Today’s surge has come following a breakout of a ceiling on the 14-day relative strength index (RSI).
As of writing, the index is tracking at 58.85, which is marginally higher than its ceiling at the 57.00 mark.
In addition to SOL, chainlink (LINK) was also in the green to start the week, with prices trading by as much as 3% higher.
LINK/USD rose to a peak of $7.38 earlier in the day, which comes less than 24 hours after falling to a low of $6.99.
This surge has seen chainlink move to its highest level since March 2, when the token was trading at a high of $7.57.
LINK/USD – Daily Chart
Like with solana, a catalyst for the move was a breakout which took place on the RSI indicator.
As of writing, the index is tracking at 57.00, which is marginally higher than the aforementioned resistance at 55.00
Should this upward momentum continue in the coming days, LINK will likely collide with a ceiling at $7.60.
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Do you believe that chainlink will hit $7.60 this week? Let us know your thoughts in the comments.
Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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