Sunday, 14 May 2023

Biggest Movers: SOL up 5%, as LINK Breaks Key Resistance Level on Saturday

by Earn Media

Biggest Movers: SOL up 5%, as LINK Breaks Key Resistance Level on Saturday

Solana rose by as much as 5% in today’s session, as cryptocurrencies began to recover from Friday’s red wave. The global market cap was up by nearly 2% at the time of writing. Chainlink also rose, moving back above a key resistance level.

Solana (SOL)

Solana (SOL) moved back above the $20.00 mark to start the weekend, as the token rose by as much as 5% today.

Following a low of $19.81 on Friday, SOL/USD jumped to an intraday peak at $21.25 on Saturday.

The rebound came as solana collided with an interim floor at $19.90, which has acted as the last line of defense following breakout below $20.00.

Looking at the chart, there was a similar rebound at the same point on April 10, which then led SOL to going on a six-day win streak.

Saturday’s rally also came as the relative strength index (RSI) jumped beyond a ceiling at the 45.00 mark.

At the time of writing this, the index is now tracking at 46.49, with the next visible point of resistance at 50.00.

Chainlink (LINK)

Chainlink (LINK) also moved higher in today’s session, with price breaking out of a key price point.

LINK/USD raced to a high of $6.63 to start the weekend, hours after falling to a low of $6.37.

Today’s jump in price has seen chainlink move above a long-term ceiling of $6.50, after trading above this mark for the last two-months.

From the chart, the rise has seen price strength rise to a ceiling of its own at 42.00, however it has so far failed to move beyond this level.

Price strength is now at a reading of 41.20, with a support point at 40.00, in the event momentum begins to shift.

A slight shift has already occurred, with LINK now trading at $6.58, which is marginally below earlier highs.

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

Could chainlink move beyond $7.00 in May? Let us know your thoughts in the comments.