Biggest Movers: SOL up by Over 10% on Friday, as MATIC Hits 2-Month High
MATIC rose to its highest level in over two months on Friday, as crypto markets were mostly green in today’s session. SOL was one of the tokens in the green, as the price climbed for a third straight session heading into the weekend. Solana (SOL)
SOL saw its value climb for a third straight session on Friday, as prices moved closer to a key resistance level.
As the week neared a close, SOL/USD peaked at a high of $38.35 on Friday, which is its highest point since July 9.
Friday’s intraday high has seen the token move closer towards a resistance level of $40.85, which is a point that hasn’t been truly broken since early June. SOL/USD – Daily Chart
Recent gains in SOL have come following an attempted breakout of a recent price floor at $32, however bulls bought this dip, as they have in moments past.
This has resulted in the RSI surging, and following this most recent run, the indicator is now on a collision course with a ceiling of its own.
As of writing, the index is tracking at 53.17. However, it appears that bulls are looking to push this to 54.75, which is a ceiling that hasn’t been broken in over three months.
Polygon (MATIC)
While SOL has struggled to overcome multi-month resistance levels, MATIC, on the other hand, has run straight through them.
MATIC/USD rallied to an intraday high of $0.7246 earlier in today’s session, less than 24 hours after trading at a low of $0.6664.
Friday’s peak is the highest level that MATIC has traded at in exactly two months, following gains on May 15. MATIC/USD – Daily Chart
This surge in value comes as price strength has moved towards overbought territory, with the 14-day RSI currently reading at 64.36.
As seen from the chart, this is the most that the index has tracked at since December 2021, and follows on from recent gains in the token.
Owing to these gains, it appears as if prices have reached a resistance, with earlier gains fading, after MATIC neared its ceiling at $0.7250.
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Could MATIC continue to rise despite being overbought? Let us know your thoughts in the comments. Eliman Dambell
Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX. Bitcoin ETFs and Open Interest From BTC Futures, Options Follow Crypto Economy"s Spot Market Decline MARKET UPDATES | 7 hours ago Bitcoin, Ethereum Technical Analysis: ETH Surges Past $1,200 as Latest Shadow Fork Goes Live MARKET UPDATES | 10 hours ago
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