• Cosmos (ATOM) raced higher for a second straight session, after recently snapping a four-day losing streak.
• Solana (SOL) also moved higher earlier in the day, as price bounced from a key support point.
• Looking at the charts, both tokens are close to key resistance levels, with RSI hovering near a ceiling.
Friday saw significant gains for two of the largest cryptocurrencies, Cosmos (ATOM) and Solana (SOL). ATOM/USD raced to an intraday peak of $12.38 earlier in the day, as the token moved closer to a key resistance level of $12.50. This followed a low of $11.70 on Thursday, and marks a notable rally for Cosmos, which recently snapped a four-day losing streak. SOL/USD also moved higher, as the token continued to move away from a support point at $20.00. Solana rose to a high of $21.77 earlier in the session, and followed on from a low of $20.53 the day prior. This marks a bullish attempt to regain market momentum, following recent declines in price.
Looking at the charts, both tokens are close to key resistance levels, with the 14-day relative strength index (RSI) hovering near a ceiling. In the case of Cosmos, the index is tracking at 65.85, which could lead to marginal consolidation, with earlier bulls opting to liquidate their positions. However, should this aforementioned ceiling be broken, then it is likely that ATOM could move towards $13.00. In the case of Solana, the RSI remains below its own ceiling at 68.00, suggesting that longer-term bulls still likely targeting an exit at the $24.00 mark.
Overall, Friday’s gains mark a notable rebound for both tokens, as Cosmos and Solana race towards key resistance levels. Despite the RSI hovering near a ceiling, it is likely that bulls will continue to push for higher prices in the coming days, as the two tokens move closer to their respective resistance points.