Kofi Mensah Binance Coin (BNB) saw a strong rebound on Monday, recovering from a dip near a crucial support level on Sunday. This surge propelled the token to a one-week high, even as the global cryptocurrency market cap experienced a slight 0.07% decline. Meanwhile, Solana (SOL) retreated after a recent bullish run.
Binance Coin (BNB)
BNB displayed notable gains at the start of the trading week, rising by almost 5%.
Starting the session with an intraday low of $232.01, BNB/USD climbed to a peak of $244.80.
This pushed BNB to its highest point since the previous Tuesday, when it reached $246.90.
BNB/USD – Daily Chart
The chart indicates that this latest rally coincided with the relative strength index (RSI) breaking through a resistance level at 48.00.
At the time of writing, the RSI stands at 49.33, with the next visible resistance seen at 52.00.
If the index reaches this level, there is a good chance that BNB will approach $250.00.
Solana (SOL)
After reaching a two-month high last week, Solana (SOL) experienced a downward trend on Monday, marking its second consecutive day of decline.
SOL/USD dropped to an intraday low of $20.57, following a peak of $21.53 just 24 hours earlier.
This decline appears to be a result of profit-taking, as Solana had reached its highest point since May 6 this past Saturday.
SOL/USD – Daily Chart
Analyzing the chart, it seems that the sentiment remains somewhat bullish, as traders rejected a breakout below $20.00.
As of writing, the token is trading at $21.09, with the 10-day (red) moving average still showing an upward trend.
Overall, the recent decline occurred after encountering resistance at $22.00.
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What are your thoughts on Solana’s potential to surpass $22.00 in the upcoming days? Share your insights in the comments below.
Table Of Contents
Frequently Asked Questions (FAQs) about crypto market movements
What were the biggest movers in the cryptocurrency market on Monday?
Binance Coin (BNB) was one of the biggest gainers on Monday, rebounding by nearly 5%, while Solana (SOL) slipped following recent gains.
How did Binance Coin (BNB) perform on Monday?
BNB rose by almost 5% on Monday, starting the trading week with a rebound. It reached a peak of $244.80, marking its strongest point since the previous Tuesday when it climbed to $246.90.
What is the current price trend for Binance Coin (BNB)?
The relative strength index (RSI) broke out of a ceiling at 48.00, suggesting a positive trend. The RSI is currently at 49.33, with the next visible resistance at 52.00. If the index reaches this level, BNB may approach $250.00.
How did Solana (SOL) perform on Monday?
Solana experienced a decline on Monday, slipping for the second consecutive day after a recent bullish run. It hit an intraday low of $20.57, following a peak of $21.53 within the past 24 hours.
Will Solana (SOL) move back above $22.00 in the coming days?
While the sentiment remains somewhat bullish with traders rejecting a breakout below $20.00, it is uncertain whether Solana will surpass $22.00 in the near future. The price trend and market conditions will determine its movement.
More about crypto market movements
- Binance Coin (BNB) on CoinMarketCap
- Solana (SOL) on CoinMarketCap
- Relative Strength Index (RSI) on Investopedia
1 comment
loving the crypto market updates! bnb making a comeback, sol taking a little break. gotta stay informed, you know? gonna sign up for those weekly price analysis updates. gotta stay ahead of the game!