Solana and Polygon witnessed noteworthy price movements on Saturday, showcasing resilience and distancing themselves from critical support levels.
Continuing its upward trajectory, Solana (SOL) surged to a one-week high on Saturday, joining the crypto market’s rebound from recent downward sentiment.
Following a dip to $14.47 in the previous session, SOL/USD rebounded to $16.07, marking a significant recovery and moving away from the $14.00 support level.
SOL/USD – Daily Chart
Analyzing the daily chart, the latest price surge pushed the relative strength index (RSI) to a resistance zone at 36.00, prompting some earlier bulls to exit positions and resulting in the index currently tracking at 35.77.
If this hurdle is overcome, SOL has a favorable chance of reaching $17.00.
Polygon (MATIC) also experienced notable gains on Saturday, climbing by over 5% during the day.
MATIC/USD began the weekend with an intraday high of $0.6302, recovering from a low of $0.5624 witnessed the day before.
This surge propelled Polygon above the $0.5760 floor, setting the stage for a potential collision with the $0.6700 ceiling.
MATIC/USD – Daily Chart
Despite the gains, MATIC remains oversold, with price strength currently at the 29.12 level. Nevertheless, this presents an opportunity for bulls, as significant upside potential remains at this level.
There is still some uncertainty, as buyers will likely face a resistance point at 31.00, testing their strength.
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What are your expectations for further gains from Polygon on Saturday? Share your thoughts in the comments below.
Frequently Asked Questions (FAQs) about cryptocurrency market rebound
What were the biggest movers in the cryptocurrency market on Saturday?
Solana (SOL) and Polygon (MATIC) were the biggest movers in the cryptocurrency market on Saturday. Solana climbed for a third consecutive session, while Polygon saw notable gains of over 5% during the day.
How did Solana perform during the weekend?
Solana (SOL) performed well during the weekend, reaching a one-week high on Saturday. After falling to a low of $14.47, SOL/USD bounced back to $16.07, showing resilience and moving away from a key support level at $14.00.
What are the resistance levels for SOL and MATIC?
For Solana (SOL), the relative strength index (RSI) reached a resistance zone at 36.00. If this hurdle is overcome, there is a good chance SOL will move towards $17.00. As for Polygon (MATIC), it seems set to collide with a ceiling at $0.6700 after rising past the $0.5760 support level.
Are there further gains expected for Polygon (MATIC) on Saturday?
The text does not specifically mention expectations for further gains on Saturday. However, it states that MATIC experienced sizeable gains, climbed by over 5%, and remains oversold, presenting an opportunity for bulls. The presence of a resistance point at 31.00 may test the strength of buyers.
More about cryptocurrency market rebound
- Solana Official Website
- Polygon Official Website
- Crypto Market Analysis and News
- Understanding Relative Strength Index (RSI)
- Technical Analysis Guide for Crypto Markets
- Latest Cryptocurrency Market Trends
- Weekly Price Analysis Updates
- Crypto Market Updates and News
- Crypto Market Data and Charts