8 February 2023

Biggest Movers: SOL Surges 8%, as ATOM Nears 1-Month High

Solana was up by almost 8% on Tuesday, as the token rose for a fifth consecutive session. Recent moves have come despite the Christmas and New Year period, where market volumes were somewhat muted. Cosmos was also in the green, as prices rose to a multi-week high.

Solana (SOL)

Solana (SOL) was one of the notable gainers on Tuesday, as the token climbed by as much as 8% in the day.

Following a low of $11.05 on Monday, SOL/USD surged to an intraday peak of $12.02 during today’s session.

The move saw solana rise for a fifth straight day, hitting its highest point since December 23 in the process.

Looking at the chart, Tuesday’s surge comes as SOL moved beyond a ceiling of $11.80, with the relative strength index (RSI) also nearing a resistance point.

As of writing, the index is tracking at 50.83, which is moving towards a major ceiling at the 53.00 mark.

This level hasn’t been hit since November 6, when solana was trading above the $30.00 level.

Cosmos (ATOM)

In addition to solana, cosmos (ATOM) was also in the green in today’s session, with price climbing for a third straight day.

ATOM/USD raced to a high of $10.22 on Tuesday, which comes less than a day after trading at a low of $9.77.

This surge in price has pushed cosmos to its highest point since December 10, with it now nearing a key resistance level also.

As can be seen from the chart, this ceiling is at the $10.50 level, which was last hit on December 5.

Recent moves in ATOM have come as the 10-day (red) moving average, crossed over its 25-day (blue) counterpart.

This typically is a sign of current and upcoming bullish sentiment, which could see cosmos bulls attempt to take price above $11.00.

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Could we see cosmos continue to rally this week? Let us know your thoughts in the comments.

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