• Solana (SOL) surged to a high of $14.10 on Wednesday, marking its highest level since mid-December.
• Cardano (ADA) also rose to a one-week high of $0.2668, as market sentiment continues to remain bullish.
• The Relative Strength Index (RSI) for both tokens is currently at its strongest point since November 6.
Cryptocurrencies were on the move on Wednesday, with Solana (SOL) and Cardano (ADA) amongst the biggest movers. SOL/USD surged to a high of $14.10 earlier in the day, representing the token’s highest point since mid-December. Meanwhile, Cardano (ADA) raced to a one-week high of $0.2668 earlier in the session, hitting a long-term resistance level in the process.
The rally in both tokens has been driven by a shift in market sentiment, which has been bullish in recent days. This can be seen in the Relative Strength Index (RSI) for both tokens, which is currently at its strongest point since November 6. For Solana, this has seen the token move beyond a ceiling of 53.00 on the RSI, with bulls now attempting to break out of a resistance level at $14.50.
In the case of Cardano, the RSI has pushed to a resistance of 47.00, resulting in earlier gains easing. This is further evidenced by the moving average of 10 days (red), and its 25-day (blue) counterpart, which have both neared in proximity.
Overall, the latest moves in both tokens have been driven by bullish sentiment in the broader cryptocurrency market. While it remains to be seen whether the gains can be sustained in the coming days, it is clear that both Solana and Cardano are benefiting from the current market environment.