Solana was one of Tuesday’s big gainers, rising to a multi-week high following a ‘death cross’ of moving averages. The move came despite the global market cap falling marginally lower as of the time of writing. Toncoin was another notable mover, rising for a sixth-straight day.
Solana (SOL) surged higher on Tuesday, as sentiment in the token has remained largely bullish in recent days.
SOL/USD peaked at $25.24 during today’s session, which follows up from a low of $24.35 to start the week.
This climb saw solana trade at its highest point since July 29, when price reached a high of $25.39.
The move came as the 10-day (red) moving average crossed over its 25-day (blue) counterpart.
Should upward momentum continue to intensify, the next target for traders will likely be around the $26.00 mark.
At the time of writing, SOL is trading at $24.82.
Toncoin (TON) was also in the green in today’s session, as the price climbed for a sixth-consecutive session.
Following a low of $1.42 to start the week, TON/USD raced to an intraday peak of $1.49 earlier in the day.
As a result of today’s surge in price, toncoin moved to its strongest level since July 23, and closer to a ceiling of $1.50.
Similar to solana above, the rally came as the 10-day and 25-day moving averages neared an upwards cross.
One area of concern for bulls is the current reading of the RSI indicator, which is tracking at 66.91.
This is the highest area it has reached in the coin’s history, meaning it is greatly overbought, with bears potentially waiting to take advantage of this.
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Could toncoin begin to move lower in the coming days? Let us know your thoughts in the comments.