Biggest Movers: SOL, Near Protocol up by Over 10% to Start the Week
Solana moved closer to the $40.00 mark on Monday, as it rose for a sixth straight session to start the week. Bullish momentum in the world’s ninth largest cryptocurrency intensified, following a breakout of a resistance point of $36.35. Near protocol was also in the green, as prices rose by over 10% on Monday. Solana (SOL)
Solana (SOL) climbed to a three-week high to start the week, as the token moved towards the $40.00 level
Following a low of $34.48 on Sunday, SOL/USD was able to reach a peak of $38.15 so far in today’s session.
Today’s rally comes as the toke rose past a key resistance level of $36.30 for the time since August 19. SOL/USD – Daily Chart
As seen from the chart, Monday’s rally came as the 10-day (red) moving average crossed its 25-day (blue) counterpart for the first time in over a month.
In addition to this, the 14-day relative strength index (RSI) is currently tracking at 61.31, which is its strongest reading since August 13.
This is marginally below a ceiling of 64.05, which will likely be the main hurdle preventing prices from rising above $40.00. Near Protocol (NEAR)
Near protocol (NEAR) was another notable mover to start the week, with prices nearing a one-month high.
NEAR/USD was able to climb to a peak of $5.25 on Monday, less than 24 hours after trading at a low of $4.72.
Monday’s surge comes as near protocol rose for a sixth consecutive session, with today’s top the highest point it has reached since August 16. NEAR/USD – Daily Chart
This recent rise in bullish momentum comes following an upwards crossover of the 10-day (red), and 25-day (blue) moving averages last week.
As a result of the increase in price, the RSI has moved to its strongest level since August 13, and is currently tracking at a reading of 64.25.
Should bulls continue to maintain the current sentiment, NEAR could continue to move closer to a target price of $5.50.
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Do you expect near protocol to hit $5.50 in September? Let us know your thoughts in the comments. Eliman Dambell
Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX. Bitcoin, Ethereum Technical Analysis: BTC Extends Gains, ETH Consolidates Ahead of The Merge MARKET UPDATES | 11 hours ago Biggest Movers: ADA, SAND Surge to Multi-Week Highs on Saturday MARKET UPDATES | 2 days ago
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