Trading Price Of Solana Hits A Higher Level While Cardano Price Consolidates

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There was a time when the entire cryptocurrency industry used to make a unanimous movement. If one major cryptocurrency were to move higher, the rest would follow the trend.

However, the year 2022 seems to have broken that coordination. Now, it has become a great competition among the major cryptocurrencies.

Whichever asset is able to offer a better utility and benefits to the users, gets to become a high mover.

On the other hand, other major cryptocurrencies move in a different direction if they are not offering much utility.

Solana (SOL) and Cardano (ADA), two major cryptocurrencies in the crypto-verse are demonstrating something quite similar. Let us have a look at their individual performances and see where they stand.

Solana is Moving Higher

Solana has been among the top performers in recent trading sessions. The price of the asset has continued surging, a good sign for the investors who had been badly struck with losses in November.

Finally, the price of the asset has started to pump and things are moving in the right direction for the asset. The asset has been experiencing an uptrend in its value since the beginning of December.

However, in the past few days, the asset has started to gain strong momentum. The data shows that on Wednesday, the trading price of Solana was able to hit a higher level, hitting a three-week high.

Prior to the rally, the value of Solana was exhibiting a lower trading level at $13.61. The particular trading level was recorded on Tuesday.

However, as of Wednesday, the trading price of the asset was able to rise to a high of $14.68. It was in the middle of the day Solana was able to shock its investors with a high pump.

It was back on November 26 when the trading price of Solana had hit its high trading price of $14.70. It has ended up becoming a key ceiling level for Solana.

At the time of writing, the trading price of Solana is $14.67. However, the bulls will need to have a stronger buying force to be able to break above the key ceiling level.

If the bulls start buying SOL with a stronger buying force, then SOL will have the opportunity of crossing the particular level.

SOL’s RSI is also moving in a bullish direction and soon, it may hit the mid-level to make it past it. When that happens, the bulls will have more power to go for stronger rallies.

They will be able to push through the strong resistance levels, which would result in taking SOL to a much higher level.

For now, the ceiling level for SOL is 49.00 and it is considered a strong resistance level. If the bulls want to cross then, then it would require great resilience against the selling pressure of the bears.

Cardano

A look at Cardano shows that the asset had been moving in a strong bullish zone also. However, its value has started to dip in the recent trading session.

The bears seem to have increased their selling momentum. This has caused the trading price of Cardano to be pulled to a lower level.

The price of ADA is no longer hovering around the eight-day high price. After a few days of experiencing a strong rally, the value of the asset started to consolidate.

This has happened because of the high anticipation of the investors ahead of the FOMC meeting.

The price of the asset was at a high of $0.3152 and this is when it started to move in a lower direction. The price of ADA ended up falling to a low of $0.3069.

Prior to the dip, the value of ADA was also hovering in a bullish zone. It had helped the asset rise to a high of $0.3270.

The RSI for ADA is currently at 37.60 and it has fallen from 43.79 in the recent trading sessions. If the selling power of the bears increases, then the trading price of ADA may plunge to $0.3000.


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