Friday, May 24, 2024

Biggest Movers: SOL Hits 3-Week High, as ADA Consolidates Ahead of FOMC Meeting

Solana surged to a three-week high ahead of this afternoon’s Federal Open Market Committee meeting (FOMC). The token rose for a second consecutive day, hitting a key price ceiling in the process. Cardano mainly consolidated on Wednesday, as prices fell from a recent high.

Solana (SOL)

Solana (SOL) was a notable gainer on Wednesday, as prices surged to a three-week high.

Following a low of $13.61 on Tuesday, SOL/USD raced to an intraday high of $14.68 earlier in today’s session.

As a result, solana moved to its strongest point since November 26, which is the last time prices were trading above a key ceiling of $14.70.

SOL/USD – Daily Chart

Looking at the chart, this resistance point has yet to be broken following today’s gains, with SOL trading at $14.67 as of writing.

The 14-day relative strength index (RSI) also rose, and is currently tracking at 48.36, however it also failed to break out of a resistance level.

As of writing, the index remains below a ceiling of 49.00, which appears to be the main obstacle in place, preventing any further surges.

Cardano (ADA)

On the other hand, cardano (ADA) moved away from a recent eight-day high, as price consolidated ahead of today’s FOMC meeting.

ADA/USD fell to a low of $0.3069 earlier in the day, which comes less than a day after hitting a peak at $0.3152.

This surge in price sent cardano to its strongest point since December 5, which is the last time price was above a ceiling of $0.3270.

Biggest Movers: SOL Hits 3-Week High, as ADA Consolidates Ahead of FOMC Meeting
ADA/USD – Daily Chart

From the chart, it can be seen that today’s price consolidation began following a failed breakout of the 46.00 ceiling on the RSI indicator.

Currently, the index is tracking at 43.79, with momentum appearing to be heading for a floor at 37.60.

Should price strength reach this point, it is likely that ADA will be trading close to the $0.3000 support level.

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Do you expect cardano to rally following today’s interest rate decision? 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.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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