SOL Hits 4-Week High, ADA Ends Losing Streak

On Friday, SOL (Solana) emerged as one of the biggest gainers in the cryptocurrency market, surging by over 11% during the trading session. This upward movement was in response to the release of June’s nonfarm payrolls report, which fell short of expectations at 209,000 instead of the anticipated 229,000. Conversely, ADA (Cardano) managed to break its three-day losing streak.

Solana (SOL)

SOL continued its rally for a second consecutive session on Friday, surpassing the $20.00 mark.

During today’s trading session, SOL/USD reached a peak of $21.22, a fresh intraday high driven by the latest U.S. nonfarm payrolls report.

As a result of this surge, Solana reached its highest point since June 5, when the price peaked at $22.06.

SOL/USD – Daily Chart

Examining the chart, the breakthrough occurred as the relative strength index (RSI) surpassed the resistance level of 65.00.

At present, the price strength stands at 68.30, its highest level since April 14.

The next significant resistance level appears to be at 70.00, and if reached, it is likely that SOL will hit $22.50.

Cardano (ADA)

Cardano (ADA) rebounded during today’s session, snapping a three-day losing streak in the cryptocurrency market.

After hitting a low of $0.278 on Thursday, ADA/USD climbed to a high of $0.2874 earlier in the day.

This upward movement allowed Cardano to recover from a one-week low, as bullish sentiment returned near the support level of $0.2875.

ADA/USD – Daily Chart

One of the factors contributing to this rally was the 14-day RSI, which found support at the 43.00 zone.

Currently, the index stands at 45.25, slightly below the resistance level of 46.00.

As a consequence, the earlier gains have moderated, and ADA is currently trading at $0.2842.

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Share your thoughts on whether you expect Cardano to sustain its gains over the weekend in the comments section below.

Frequently Asked Questions (FAQs) about cryptocurrency market

What were the biggest movers in the cryptocurrency market on Friday?

Solana (SOL) and Cardano (ADA) were the biggest movers in the cryptocurrency market on Friday. SOL experienced a significant rally, hitting a 4-week high of $21.22, while ADA ended its three-day losing streak, rebounding to $0.2874.

What contributed to the rise in Solana (SOL) price?

The rise in Solana’s price was influenced by the release of June’s nonfarm payrolls report, which fell short of expectations. As markets reacted to the report, SOL surged by over 11% during the trading session, reaching its highest point since June 5.

What factors contributed to Cardano’s (ADA) rebound?

Cardano’s rebound was driven by several factors. After hitting a low of $0.278, ADA recovered to a high of $0.2874. One catalyst for this rally was the bounce of the 14-day RSI on its support level at the 43.00 zone. This contributed to renewed bullish sentiment and a break in the three-day losing streak.

What are the next price levels to watch for SOL and ADA?

For SOL, the next visible resistance level appears to be at 70.00. If SOL reaches this point, it is likely to hit $22.50. As for ADA, it faces a marginal resistance level at 46.00. However, ADA’s earlier gains have somewhat eased, and it is currently trading at $0.2842.

Can I receive weekly price analysis updates for these cryptocurrencies?

Yes, you can register your email to receive weekly price analysis updates for SOL and ADA. Simply sign up by registering your email for the Weekly Technical Analysis Report.

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4 comments

CryptoFanatic88 July 8, 2023 - 12:49 am

SOL and ADA shinin’ bright in the crypto world! SOL went all the way to $21.22, breakin’ that resistance level! ADA bouncin’ back from a losing streak, makin’ gains to $0.2874. Let’s ride the wave, folks!

Reply
BlockchainEnthusiast July 8, 2023 - 3:35 am

solana and cardano are the real deal! they movin’ up in the crypto market. can’t wait to see what’s next for SOL and ADA. sign me up for them weekly price updates!

Reply
BitcoinGuru123 July 8, 2023 - 8:47 am

solana’s rise got me pumped! hitting a 4-week high, breakin’ records. ADA ain’t too far behind, showin’ some recovery. Keep an eye on those resistance levels, folks! SOL to 70.00, ADA to 46.00! Stay updated with them analysis reports!

Reply
CryptoTrader34 July 9, 2023 - 12:01 am

sol and ada rockin it!!! solana hit a high of $21.22! go SOL! ada rebounded from a low of $0.278 to $0.2874! let’s keep the rally goin!

Reply

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