Solana snapped a two-day losing streak on Thursday, as bulls pushed price back towards the $25.00 level. The cryptocurrency was unable to move past this level on Monday, which then prompted the aforementioned sell-off. Cosmos continued to edge lower today, falling to its lowest level in 16 months.
Solana (SOL)
Solana (SOL) was a big mover in today’s session, after rebounding from two days of consecutive declines.
SOL/USD rose to a high at $24.40 on Thursday, which comes a day after the price fell to a bottom of $23.26.
As a result of today’s surge, the world’s seventh largest cryptocurrency climbed closer to a long-term ceiling at $25.00.
The token failed to break out of this level to start the week, which then resulted in the sell-off seen on Tuesday and Wednesday.
In order to truly move beyond this wall, solana traders will first need to add some distance from a current ceiling of 65.00 on the relative strength index (RSI).
Currently, the index is tracking at 65.06, however bulls may be tentative to enter, until the index moves closer to 66.00, 67.00.
Cosmos (ATOM)
On the other hand, cosmos (ATOM) fell to its lowest point in over a year, following a three-day decline in its price.
After trading at a high of $6.36, ATOM/USD plunged to a bottom at $6.19 earlier today.
This is the lowest level cosmos has reached since mid-June 2022, when price fell to a low at $5.84.
Earlier declines have somewhat eased, as cosmos remained above a floor of its own at the 30.00 mark.
At the time of writing, price strength is hovering above this level, however is still significantly oversold.
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Do you expect bulls to buy today’s dip in the coming days? Let us know your thoughts in the comments.
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