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Cosmos raced higher for a second straight session, after recently snapping a four-day losing streak. Friday’s move saw the token move closer to a key resistance level of $12.50. Solana also moved higher earlier in the day, as price bounced from a key support point.
Cosmos (ATOM), was one of Friday’s notable gainers, as the token moved closer to a key resistance level.
Following a low of $11.70 on Thursday, ATOM/USD raced to an intraday peak of $12.38 earlier today.
As a result of this move, cosmos moved towards a resistance point at the $12.50 level, which was last hit on Monday.
ATOM/USD – Daily Chart
Looking at the chart, the 14-day relative strength index (RSI) is also hovering near a ceiling of its own, at 66.00.
Currently, the index is tracking at 65.85, which could lead to marginal consolidation, with earlier bulls opting to liquidate their positions.
However, should this aforementioned ceiling be broken, then it is likely that ATOM could move towards $13.00.
Like ATOM, solana (SOL) also edged higher, as the token continued to move away from a support point at $20.00.
SOL/USD rose to a high of $21.77 earlier in the session, and followed on from a low of $20.53 the day prior.
Today’s rally sees solana in a bullish attempt to regain market momentum, following recent declines in price.
SOL/USD – Daily Chart
As can be seen on the chart, the move took place despite the RSI remaining below its own ceiling at 68.00.
Due to this, earlier gains have somewhat eased, as traders seemed to be preparing for another reversal.
Currently solana is trading at $21.43, with longer-term bulls still likely targeting an exit at the $24.00 mark.
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Could solana maintain this rally over the next few weeks? 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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