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Before this afternoon’s Federal Open Market Committee meeting, Solana rose to a three-week high (FOMC). The token increased for the second day in a row, reaching a significant price ceiling. On Wednesday, Cardano prices largely stabilized after falling from a previous peak.
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 reached its highest level since November 26, when prices last traded over a crucial ceiling of $14.70.
With SOL trading at $14.67 at of writing, the chart shows that despite today’s gains, this resistance point has not yet been broken.
The 14-day relative strength index (RSI), which is now tracking at 48.36, also increased but was unable to overcome resistance.
The index is below a ceiling of 49.00, which appears to be the key barrier inhibiting future increases.
CARDANO (ADA)
While prices consolidated ahead of today’s FOMC meeting, Cardano (ADA) distanced itself from a recent eight-day high.
ADA/USD fell to a low of $0.3069 earlier in the day, less than a day after hitting a peak at $0.3152.
Cardano’s price increased sharply, reaching its highest position since December 5—the last time it had risen beyond the $0.3270 threshold.
The chart shows today’s price consolidation started after the RSI indicator’s attempted breakthrough of the 46.00 ceilings failed.
Currently, the index is tracking at 43.79, with momentum heading for a floor of 37.60.
Should price strength reach this point, ADA will likely be trading close to the $0.3000 support level.
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