Solana surged to a three-week high ahead of this afternoon’s Federal Open Market Committee meeting (FOMC). The token rose for a second consecutive day, hitting a key price ceiling in the process. Cardano mainly consolidated on Wednesday, as prices fell from a recent high.

Solana (SOL)

Solana (SOL) was a notable gainer on Wednesday, as prices surged to a three-week high.

Following a low of $13.61 on Tuesday, SOL/USD raced to an intraday high of $14.68 earlier in today’s session.

As a result, solana moved to its strongest point since November 26, which is the last time prices were trading above a key ceiling of $14.70.

Looking at the chart, this resistance point has yet to be broken following today’s gains, with SOL trading at $14.67 as of writing.

The 14-day relative strength index (RSI) also rose, and is currently tracking at 48.36, however it also failed to break out of a resistance level.

As of writing, the index remains below a ceiling of 49.00, which appears to be the main obstacle in place, preventing any further surges.

Cardano (ADA)

On the other hand, cardano (ADA) moved away from a recent eight-day high, as price consolidated ahead of today’s FOMC meeting.

ADA/USD fell to a low of $0.3069 earlier in the day, which comes less than a day after hitting a peak at $0.3152.

This surge in price sent cardano to its strongest point since December 5, which is the last time price was above a ceiling of $0.3270.

From the chart, it can be seen that today’s price consolidation began following a failed breakout of the 46.00 ceiling on the RSI indicator.

Currently, the index is tracking at 43.79, with momentum appearing to be heading for a floor at 37.60.

Should price strength reach this point, it is likely that ADA will be trading close to the $0.3000 support level.

Register your email here to get weekly price analysis updates sent to your inbox:

Do you expect cardano to rally following today’s interest rate decision? Let us know your thoughts in the comments.

Leave a Reply

Your email address will not be published. Required fields are marked *