SOL rebounds from recent losses, ATOM 5% higher on Friday – Bitcoin News

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Cosmos ran higher for a second straight session, having recently snapped a four-game losing streak. Friday’s move saw the token approach a key resistance level of $12.50. Solana also rose earlier in the day as the price rebounded from a key support point.

Cosmos (ATOM)

Cosmos (ATOM), was one of the notable gainers on Friday, as the token approached a key resistance level.

After a low of $11.70 on Thursday, ATOM/USD hit an intraday high of $12.38 earlier in the day.

Following this move, the cosmos moved towards a resistance point at the $12.50 level, which was last seen on Monday.

ATOM/USD – Daily Chart

Looking at the chart, the 14-day Relative Strength Index (RSI) is also hovering near its own high at 66.00.

Currently, the index sits at 65.85, which could lead to marginal consolidation as previous bulls opted to liquidate their positions.

However, if this aforementioned ceiling were to be breached, it is likely that ATOM could move towards $13.00.

Solana (SUN)

Like ATOM, solana (SOL) also edged higher as the token continued to move away from a support point at $20.00.

SOL/USD hit a high of $21.77 earlier in the session, and followed a low of $20.53 the previous day.

Today’s rally sees solana in a bullish attempt to regain market momentum, following recent price declines.

SOL/USD – Daily Chart

As can be seen from the chart, the move took place despite the RSI remaining below its own ceiling at 68.00.

Because of this, earlier gains have faded somewhat as traders appeared to be preparing for another reversal.

Currently, solana is trading at $21.43, with longer-term bulls still likely targeting an exit at $24.00.

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Could Solana maintain this rally over the next few weeks? 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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