Cosmos rose to its highest point since May earlier in today’s session, as crypto markets surged on Thursday. The global market cap is trading over 6.27% higher as of writing, with bullish sentiment sweeping through. Solana was trading over 10% higher in today’s session .
Cosmos (ATOM) was trading higher on Thursday, as the token rallied to its highest point since May.
Following a low of $11.72 in today’s session, ATOM/USD surged to an intraday peak of $12.27 earlier in the day.
This was the most ATOM has traded at since May 23, when the token was at a top above the $12.30 region.
Looking at the chart, this latest surge in price came following a rebound from a support point of $11.15, which came during Wednesday’s session.
This increase in price pushed the 14-day relative strength index (RSI) to a resistance level of 63, which has been in place since July 21.
Should bulls in ATOM look to extend this recent run of form, then we will need to see the index move beyond this ceiling.
In addition to ATOM, solana (SOL) was trading higher on Thursday, as prices climbed by over 10% in today’s session.
After residing at a floor of $39.99 on hump day, SOL/USD surged to a high of $45.00 earlier in today’s session.
This peak saw SOL trade at its most valuable since July 30, when the token was above the current resistance level of $45.00.
Since colliding with this point earlier today, the price of SOL has somewhat slipped, and as of writing is at $44.10.
Bulls seem to have abandoned earlier positions, in exchange for securing profits, which has given way to some slight uncertainty in price movement.
This uncertainty was made greater by the fact that the RSI is also hovering close to its own ceiling of 59.
If we are to see solana continue its gain, then this resistance point will need to be broken.
Register your email here to get weekly price analysis updates sent to your inbox:
Will solana hit $50.00 in August? Let us know your thoughts in the comments.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Rustwire.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.