SHIB Hits 6-Week High, Whilst SOL Extends Recent Gains –…

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Solana surged by as much as 30% on Saturday, setting a fresh multi-month high in the process. The move comes as cryptocurrency markets were significantly bullish to start the weekend, with the global market cap 8.28% higher as of writing. Shiba inu was trading at its strongest point since November.

Solana (SOL)

Solana (SOL) was easily one of the biggest movers to start the weekend, with prices skyrocketing by as much as 30%.

Following a low of $16.52 yesterday, SOL/USD surged to an intraday high of $22.37 earlier today.

As a result of today’s rally the token hit its strongest point since November 9, when price was at a top of $24.60.

biggest movers: shib hits 6-week high, whilst sol extends recent gains
sol/usd – daily chart

From the chart, the move commenced after yet another burst beyond a resistance point on the 14-day relative strength (RSI).

On this occasion, the index moved above a ceiling at the 80.00 level, and is now tracking at 85.44.

Although solana bulls will have their eyes set on $25.00, there could be a cooling off of the earlier rally as the day matures.

Shiba Inu (SHIB)

Shiba inu (SHIB) was once again a notable gainer in crypto markets, as the meme coin rose by over 10% today.

SHIB/USD hit a peak of $0.00001081 to start the weekend, after ending the working week at a low of $0.000009462.

Like with solana above, this resulted in prices climbing to their highest level since early November.

biggest movers: shib hits 6-week high, whilst sol extends recent gains
shib/usd – daily chart

Overall, shiba inu has now risen for a third consecutive session, and is up 24% in the last seven days.

Earlier gains have already begun to show signs of easing, with price now trading at $0.00001039.

This comes after the RSI failed to break out of its long-term resistance point at the 80.00 mark.

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Do you expect cryptocurrencies to remain bullish throughout the weekend? Let us know your thoughts in the comments.

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Eliman Dambell

Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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