Solana was once again in the green, with bulls pushing the token towards a key resistance level at $26.00. The move comes after yesterday’s 7% surge, however earlier gains have since declined, as U.S. gross domestic product (GDP) grew 2.4% as opposed to the 1.8% expectation for Q2. Polygon also climbed higher today, bouncing from a support level around $0.7000.
Solana (SOL)
Solana (SOL) moved closer to a long-term resistance level of $26.00 on Thursday, as sentiment in the token remained bullish.
Following a low of $24.45 on Wednesday, SOL/USD surged to an intraday high of $25.59 earlier in today’s session.
As a result of the move, solana climbed to its highest point since last Saturday, when price peaked at $25.97.
One of the reasons behind today’s rally appears to be a breakout which took place at a ceiling of 59.00 on the relative strength index (RSI).
As of writing, the index is now tracking at 59.90, with SOL bulls giving up some of their earlier gains.
Despite climbing by nearly 10% in the past two days, the token is down by 2.80% in the past week, following a recent bear run.
Polygon (MATIC)
Polygon (MATIC) bounced from a recent support point earlier in today’s session, as bulls rejected an extended sell-off.
MATIC/USD peaked at $0.7347 on Thursday, a day after falling to a bottom at the $0.7124 mark.
The initial move came as the world’s 11th largest cryptocurrency continued to climb away from floor at $0.7000.
This coincided with the RSI moving away from a support level of its own at 45.00. It is now tracking at 48.24.
Despite this, the 10-day (red) and 25-day (blue) moving averages still look set for a downward cross in the coming days.
Should this occur, the next target for sellers will likely be near the $0.5900 zone.
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Will polygon maintain its floor at $0.7000 this week? Let us know your thoughts in the comments.