Biggest Movers: SOL, SHIB Remain Near Multi-Month Highs, Despite Market Consolidation
2023-01-16Solana started the week trading near a two-month high, as momentum remained marginally bullish, despite market consolidation. The global cryptocurrency market cap is currently trading 0.98% higher as of writing. Shiba inu also traded close to recent highs, despite declines on Monday.
Solana (SOL)
Solana (SOL) remained near 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 a bottom of $22.68.
This move means that the token remains close to this weekend’s high of $25.03, which was the strongest point for SOL since November 8.
From the chart, it appears as 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.
As of writing, the index is tracking at 80.18, with solana trading at the $23.42 price point.
Should the index remain about 80.00 in the coming days, it is likely that SOL could once again move toward $25.00.
Shiba Inu (SHIB)
Like SOL, shiba inu (SHIB) bypassed today’s price consolidation, maintaining recent highs in the process.
Following a low of $0.00001009 on Sunday, SHIB/USD climbed to a peak of $0.00001099 earlier today.
Monday’s action has seen the meme coin continue to trade near the two-month high of $0.00001111, hit last Friday.
Like many cryptocurrencies last week, prices of shiba inu were mostly overbought in recent days, with the RSI falling from a ceiling at 80.00.
Currently, the index is tracking at 73.00, with a floor at the 70.00 mark a possible target for sellers.
However, bulls seem to be rejecting this proposition on Monday, with some eyeing a rally back above $0.00001100 instead.
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Could we see shiba inu hit a fresh two-month high this week? Let us know your thoughts in the comments.