UNI Closes in on 5-Week High, While SOL Also Climbs – Market Updates Bitcoin News

Uniswap moved closer to its highest point since late August on Thursday, as the token extended recent gains. Today’s surge is the fourth consecutive day that prices have climbed, leading the token to break out of a key resistance level in the process. Solana was also in the green, recording a seven-day high as a result.

Uniswap (UNI)

Uniswap (UNI) was one of today’s notable movers, as the token rose for a fourth consecutive day.

UNI/USD raced to an intraday high of $6.99 on Thursday, which comes less than a day after trading at a low of $6.49.

Today’s surge in price sees uniswap break out of its key resistance point of $6.70, hitting its highest point since August 26 in the process.

Looking at the chart, bullish momentum in UNI intensified following another breakout, this time on the 14-day relative strength index (RSI.

The index moved beyond its ceiling of 57.45 during yesterday’s session, and as of writing is tracking at 61.47.

A higher ceiling of 63.00 now awaits UNI bulls, who could opt to secure gains and close positions as the RSI nears this point.

Solana (SOL)

Solana (SOL) climbed to a one-week high on Thursday, as the token collided with a resistance of its own.

The world’s ninth-largest cryptocurrency hit a high of $34.46 in today’s session, which is its highest point since September 30.

Thursday’s high saw solana close in on a long-term ceiling of $34.50, which has historically been the main obstacle preventing prices from moving to $35.00.

As of writing this, earlier gains in SOL have somewhat eased, as bulls moved to secure gains near this point of uncertainty.

The token is currently trading at $34.10, with the 14-day RSI tracking at 53.03, which is marginally above a resistance level of 53.00.

Bearish sentiment appears to be preparing to return, and should we see any further drop in price strength, SOL will likely head below $34.00.

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Eliman Dambell

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.