Giovanni Russo Bitcoin Cash (BCH) recovered from a 10% dip on Wednesday and regained its position above $300.00 during today’s trading session. This rebound occurred amidst a volatile market environment, where the overall global market cap of cryptocurrencies remained relatively stable. Notably, Solana experienced exceptional growth, reaching a one-month peak.
Bitcoin Cash (BCH)
After touching a low of $250.23 on Thursday, BCH/USD made a strong recovery, reaching an intraday high of $300.85 earlier in the session.
As a result of this rally, BCH approached its highest point since the beginning of the week, edging closer to its recent 15-month high.
However, the gains made earlier have now been erased, and as of the current writing, BCH has fallen to $279.71.
One contributing factor is the relative strength index (RSI) nearing its upper threshold at 73.00, following a rebound from the lower threshold at 70.00.
Currently, the RSI is tracking at 71.69, and it is likely to consolidate around this level for the remainder of the day.
Solana (SOL)
Solana (SOL) surpassed the $20.00 level earlier in the day, reaching a one-month high.
SOL/USD surged to an intraday high of $20.32 after hitting a low of $18.50 the previous day.
This rally propelled the ninth-largest cryptocurrency in the world to its highest level since June 6.
However, SOL has retraced since reaching its earlier high, as bulls were unable to sustain a breakthrough above the $20.00 price point.
The inability to breach the resistance zone, with the RSI around 61.00, contributed to this outcome.
Currently, SOL’s price strength stands at 57.72, suggesting a potential decline towards the support area near 52.00.
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Let us know your thoughts in the comments: Will Solana end the week trading above or below $20.00?
Frequently Asked Questions (FAQs) about cryptocurrency volatility
Q: What was the price movement of Bitcoin Cash (BCH) and Solana (SOL) mentioned in the text?
A: Bitcoin Cash (BCH) experienced a rebound, climbing back above $300.00 after a 10% fall on Wednesday. On the other hand, Solana (SOL) surged to a one-month high, surpassing the $20.00 level.
More about cryptocurrency volatility
- Bitcoin Cash (BCH) on CoinMarketCap
- Solana (SOL) on CoinMarketCap
- Understanding Cryptocurrency Volatility
- Relative Strength Index (RSI) Explained
