SOL and SHIB remain near multi-month highs, despite market consolidation – Reuters

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Solana started the week trading near a two-month high, with momentum remaining slightly bullish, despite the market consolidating. The global cryptocurrency market capitalization is currently trading up 0.98% at the time of writing. Shiba inu also traded near recent highs, despite Monday’s declines.

Solana (SUN)

Solana (SOL) remained close to a two-month high to start the week, despite crypto markets beginning to consolidate recent gains.

SOL/USD hit an intraday high of $24.75 on Monday, which comes less than a day after falling to $22.68.

The move means the token remains close to this weekend’s high of $25.03, which was SOL’s strongest point since Nov. 8.

SOL/USD – Daily Chart

From the chart, it appears that sentiment in Solana is still somewhat bullish, which comes as the 14-day Relative Strength Index (RSI) continued to track above a support point at 80.00.

At the time of writing, the index sits at 80.18 with solana trading at $23.42.

If the index remains at around 80.00 in the next few days, it is likely that SOL could move towards $25.00 again.

Shiba Inu (SHIB)

Like SOL, the shiba inu (SHIB) bypassed today’s price consolidation, maintaining recent highs in the process.

After a low of $0.00001009 on Sunday, SHIB/USD hit a high of $0.00001099 earlier in the day.

Monday’s action saw the meme coin continue to trade near the two-month high of $0.00001111 hit last Friday.

SHIB/USD – Daily Chart

Like many cryptocurrencies over the past week, shiba inu prices have been mostly overbought in recent days, with the RSI falling from a low of 80.00.

Currently, the index sits at 73.00, with a floor at 70.00 as a possible target for sellers.

However, bulls appear to reject that proposition on Monday, with some eyeing a rally above $0.00001100 instead.

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Could we see the shiba inu hit a new high in two months this week? Let us know your thoughts in the comments.

Elie Dambell

Eliman brings an eclectic perspective to market analysis. He was previously a brokerage manager and online trading educator. Currently, he acts as a commentator in various asset classes including Crypto, Stocks, and FX, while also being a founder of a startup.

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