Biggest Movers: ATOM, SOL Remain Close to Multi-Week Highs, as Markets Consolidate Recent Gains
Cosmos climbed by as much as 5% in Wednesday’s session, as the token remained close to a multi-week high. Cryptocurrency markets consolidated recent gains in today’s session, with the global market cap down by 0.24% as of writing. Solana continued to trade above $20.00, as prices consolidated. Cosmos (ATOM)
Cosmos (ATOM) was once again in the green, as prices remained close to a recent multi-week high.
Following a high of $13.47 on Tuesday, ATOM/USD hit a peak of $13.41 earlier in today’s session, before prices have since plunged.
Since hitting a three-week high during yesterday’s session, cosmos bulls have moved to consolidate gains, with ATOM now trading at $12.55. ATOM/USD – Daily Chart
Overall, bulls have seemingly moved to take profits, following a failed breakout attempt of the $13.50 ceiling.
Looking at the chart, the decline comes as the 14-day relative strength index (RSI) was also unable to move past a resistance zone of its own at 57.00
As of writing, the index is tracking at 51.52, with a floor at 50.00 a possible destination for traders. Solana (SOL)
In addition to ATOM, solana (SOL) also remained near a recent high, despite market sentiment shifting in today’s session.
SOL/USD fell to a low of $20.31 earlier in today’s session, hours removed from a peak at the $22.11 mark.
Yesterday’s high saw solana trade at its strongest point since March 2, when the token was trading close to $23.00. SOL/USD – Daily Chart
From the chart, it appears that the SOL bulls began shifting away from earlier positions, following a collision with a ceiling on the RSI.
Price strength hit a point of resistance at the 50.00 level, which has been in place since late-February.
As of writing, the index is now tracking at 48.91, with the next visible floor at the 45.00 level.
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Has the recent bull wave completely faded? Let us know your thoughts in the comments. Eliman Dambell
Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder. Bitcoin Becomes 12th Largest Asset Worldwide by Valuation, Surpassing Visa MARKET UPDATES | 4 hours ago Bitcoin, Ethereum Technical Analysis: BTC Hits 9-Month High, as ETH Moves Above $1,700 MARKET UPDATES | 11 hours ago
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