Solana (SOL) made a significant move on Monday, inching closer to the $20.00 mark, marking a resurgence of bullish sentiment in the cryptocurrency markets as the week began. This surge in momentum coincided with a shift in focus towards the upcoming Federal Open Market Committee (FOMC) meeting, which carries considerable weight in the financial world. The rise in SOL/USD saw the token reach a peak of $19.95 for the day, bouncing back from a low of $18.65 the previous day. This surge brought Solana to its highest level since September 8, when it was last above the $20.00 threshold.
Examining the price chart, this move aligns with the 14-day relative strength index (RSI) surpassing a significant resistance point at the 49.00 mark. Presently, the RSI stands at 50.45, with the next discernible resistance point at 53.00. Should the price momentum continue to surge, SOL may likely target around $20.50.
Bitcoin Cash (BCH) also made substantial gains on Monday, registering a 5% surge in today’s session. Following a low of $205.78 on Sunday, BCH/USD rallied to an intraday high of $221.88 at the start of the week. This rally allowed Bitcoin Cash to briefly breach the $222.00 ceiling, reaching a three-week high in the process.
As a result of this surge, the strength index confronted its own resistance level at the 60.00 mark, hovering slightly above it at 61.44, representing the highest point since July. Should this upward trend persist, there’s potential for BCH to approach the $240.00 range in the coming days.
These notable movements in SOL and BCH reflect the dynamic and ever-evolving nature of the cryptocurrency markets, where sentiment can shift rapidly, driven by factors ranging from economic data to technical indicators. As the week progresses, crypto enthusiasts and investors will continue to monitor these developments closely, looking for potential opportunities in this exciting and fast-paced market.