SOL 22% higher, as token surges to 2-month high.
Solana surged by as much as 22% on Monday, as bullish sentiment returned to cryptocurrency markets. The move saw the token climb to its highest point since November, when it was embroiled in the FTX collapse. Cardano also moved higher to start the week, climbing by nearly 13%.SOL/USD surged to an intraday high of $16.62 to start the week, which comes less than 24 hours after trading at a low of $13.47.
Today’s rise in price pushed SOL to its strongest point since November 12, days after the token plummeted, after being exposed to the FTX/Alameda scandal.From the chart, Monday’s rally came following a breakout of a key resistance level at the $15.00 mark. As a result of this, the 14-day relative strength index has risen to 73.26, which is its strongest point since April.
Due to prices now being relatively overbought, there is a strong possibility that there could be a reversal in momentum in the coming days.
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