• Solana (SOL) surged by as much as 30% on Saturday, setting a fresh multi-month high in the process.
• Shiba Inu (SHIB) was trading at its strongest point since November, rising by over 10%.
• Both tokens have risen significantly in the last seven days, with the global market cap 8.28% higher as of writing.
Cryptocurrency markets were significantly bullish to start the weekend, with the global market cap 8.28% higher as of writing. Among the biggest movers were Solana (SOL) and Shiba Inu (SHIB), which surged to their strongest points since early November.
Solana (SOL) saw an intraday surge of as much as 30%, taking prices from a low of $16.52 yesterday to a high of $22.37 earlier today. This marked the token’s highest level since November 9, when prices were at a top of $24.60. The move was bolstered by yet another burst beyond a resistance point on the 14-day relative strength (RSI). On this occasion, the index moved above a ceiling at the 80.00 level, and is now tracking at 85.44.
Shiba Inu (SHIB) was also one of the biggest gainers in crypto markets, rising by over 10% today. SHIB/USD hit a peak of $0.00001081 to start the weekend, after ending the working week at a low of $0.000009462. This resulted in prices climbing to their highest level since early November. The token has now risen for a third consecutive session, and is up 24% in the last seven days. Earlier gains have already begun to show signs of easing, with price now trading at $0.00001039. This comes after the RSI failed to break out of its long-term resistance point at the 80.00 mark.
Overall, it was a significant start to the weekend for cryptocurrency markets, with Solana and Shiba Inu both seeing significant gains. Whether the tokens can sustain these gains as the week progresses remains to be seen, but the bullish sentiment from today’s rally could act as an indicator for further gains in the coming days.