• Solana (SOL) rose by as much as 15% in today’s session, hitting its highest point since mid-December.
• Cardano (ADA) was also in the green, rising to a one-week high earlier today.
• The rally came as market sentiment has shifted in a bullish direction.
The crypto market was in the green on Wednesday, as several tokens saw gains throughout the day. Solana (SOL) was one of the biggest gainers, as the token rose by as much as 15% in today’s session. This saw SOL/USD hit its highest point since mid-December, and comes as market sentiment has shifted in a bullish direction.
Solana is a decentralized platform that is designed to be scalable, secure, and fast. The platform is powered by the SOL token, which is used to pay transaction fees and other costs associated with the Solana network. The token has seen strong gains over the past week, and today’s rally saw prices move beyond a ceiling of 53.00 on the relative strength index (RSI). As of writing, the index is tracking at 59.79, which is its strongest point since November 6. Bullish traders will likely continue to attempt a breakout of a ceiling at $14.50 in the coming days.
Cardano (ADA) was also in the green on Wednesday, rising to a one-week high earlier in the day. Following a low of $0.2505 on Tuesday, ADA/USD raced to a peak of $0.2668 earlier in today’s session. The move saw the token collide with a long-term resistance level of $0.2660, hitting its highest level since December 27 in the process. This rally pushed the RSI to its own resistance of 47.00, which has resulted in earlier gains easing. Currently, the index is tracking at 46.75, with cardano trading at $0.2649 ahead of the U.S. Federal Reserve’s meeting minutes for December.
The gains in Solana and Cardano come as market sentiment has shifted in a bullish direction. Over the past week, several tokens have seen strong gains, with many expecting the market to continue in this direction. Looking ahead, traders will be closely watching this week’s Federal Reserve meeting minutes for any clues on the future of the U.S. economy. If the meeting minutes are seen as positive, then this could lead to further gains for crypto tokens, with Solana and Cardano expected to be among the biggest beneficiaries.