June 30, 2022

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Biggest Movers: XMR and SOL Higher on Monday

Despite BTC and ETH trading lower on Monday, several cryptocurrencies managed to move higher to start the week. XMR was one of the biggest climbers, with solana also moving higher during the session.

Monero (XMR)

XMR was one of Monday’s biggest gainers, as prices rose by almost $20 from lows during Sunday’s session.

Following a low of $128.00 on Sunday, XMR/USD rallied to an intraday high of $174.62 to start the trading week.

Monday’s top came as prices surged for four consecutive sessions, hitting a near one-week high in the process.

Biggest Movers: XMR and SOL Higher on Monday
XMR/USD – Daily Chart

Since these highs earlier in the day, XMR is now trading marginally below a ceiling of $173.00, as bullish strength faded as the day progressed.

The 14-day RSI is now trading at a resistance level of its own, which is below 43.14, and should it break, we could see XMR break resistance for the first time since March.

Should this happen, prices could move closer to the $200 region. A point which monero last hit only eight days ago.

Solana (SOL)

Following three consecutive sessions of gains, SOL was also higher to start the week, however prices declined as the day progressed.

On Sunday, SOL/USD finished the day trading at $53, and went on to hit a peak of $58.88 during the early part of Monday’s session.

Since then, prices have slipped, and as of writing SOL is currently trading at a level of $52.32, which is close to a one-week low.

Biggest Movers: XMR and SOL Higher on Monday
SOL/USD – Daily Chart

Overall, SOL has dropped by over $100 since the beginning of April, with prices dropping below $35 last Thursday.

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Looking at the chart, the 14-day Relative Strength Index is now tracking at 33.26, which is marginally below a ceiling of 36.

Bulls are likely going to attempt to push prices towards $70, if price strength moves past the current obstacle in the RSI.

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Could we see runs higher in upcoming sessions? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.




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