Cardano was one of Wednesday’s big movers, as bullish sentiment returned to cryptocurrency markets. Spurred by an apparent collapse of First Republic Bank, the global crypto market cap moved 7% higher, as of writing. Solana was also in the green, rising by nearly 9%.
Cardano (ADA) rose by as much as 9% on Wednesday, as bullish sentiment returned to cryptocurrency markets.
Following a low of $0.38 on Tuesday, ADA/USD raced to an intraday high of $0.4166 earlier in today’s session.
Today’s surge in price saw cardano climb to its highest point in six days, since when the token was trading above a ceiling at $0.4200.
Looking at the chart, Wednesday’s move came as the relative strength index (RSI) broke free of a resistance level at 53.00.
At the time of writing, the index is now tracking at 55.12, with an upcoming ceiling of 58.00 a potential target for bulls.
Should this point be hit, there is a strong possibility that ADA will move back above its aforementioned point of resistance.
Additionally solana (SOL) was another notable mover on Wednesday, as the token was also nearly 9% higher.
SOL/USD rose to a peak of $22.92 earlier in the day, after almost breaking out of a floor at $20.00 the day prior.
As a result of today’s gains, solana is now on the cusp of colliding with its long-term ceiling at $23.00.
Although the RSI has risen above a ceiling at 50.00 in today’s session, it will need to move beyond the 55.00 mark in order to reach the above target.
As of writing, price strength is tracking at 52.97, with solana now trading at the $22.71 mark.
Register your email here to get weekly price analysis updates sent to your inbox:
Can solana extend today’s rally for the remainder of the week? Let us know your thoughts in the comments.