Solana rose by as much as 20% Saturday, as crypto markets came alive to start the weekend. The token hit a 12-week high in today’s session, breaking out of a key price ceiling in the process. Cardano also rose to its strongest point since November, with the global cryptocurrency market cap up 6.86% as of writing.
Solana (SOL), was one of Saturday’s notable gainers, as the token rose by as much as 20% in today’s session.
SOL/USD hit a high of $26.41 to start the weekend, which follows on from Friday’s low at $21.27.
As a result of this move, solana broke out of a key resistance level of $25.00, hitting its strongest point since November 8 in the process.
SOL/USD – Daily Chart
Looking at the chart, the 14-day relative strength index (RSI) also broke out of a ceiling of its own at the 73.00 mark.
As of writing, the index is tracking at 73.84, with the next visible resistance at the 81.00 zone.
If bulls were to collide with this wall, then it is likely that solana could move above the $30.00 point.
Another big mover on the weekend was cardano (ADA), which also moved to its strongest point since November.
Following a low of $0.3364 on Saturday, ADA/USD raced to an intraday peak of $0.3726 earlier today.
This surge saw cardano jump to its strongest point in the past 12 weeks, breaking out of a resistance of $0.3650 in the process.
ADA/USD – Daily Chart
As can be seen on the chart, the move took price strength to a ceiling of 73.00, however, it has so far failed to overcome this hurdle.
Due to this, earlier gains have somewhat eased, as traders moved to secure gains, leading to ADA currently trading at $0.366.
Should this obstacle be eventually overcome, the next target for ADA bulls will likely be $0.40.
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What is behind this weekend’s rally in cryptocurrency prices? Let us know your thoughts in the comments.
Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.
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