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

Uniswap climbed closer to the highest level since August’s end on Thursday as token gains continued. 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, which also saw a 7-day high, was also green.


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

UNI/USD surged to $6.99 intraday on Thursday. This comes just a day after it traded at a $6.49 low.

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.

Biggest Movers: UNI Closes in on 5-Week High, While SOL Also Climbs
UNI/USD – Daily Chart

The chart clearly shows how bullish momentum within UNI has intensified after another breakout of the relative strength indicator (RSI) on the 14-day.

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

UNI bulls will now face a ceiling higher than 63.00. They could use this opportunity to make gains or close positions, as the RSI nears that point.

Solana (SOL)

Solana (SOL), reached a new one-week high Thursday after the token met with resistance.

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.

Biggest Movers: UNI Closes in on 5-Week High, While SOL Also Climbs
SOL/USD – Daily Chart

As this writing, SOL’s gains have somewhat dwindled as bulls attempted to make gains at this moment of uncertainty.

The token trades at $34.10 and the 14 day RSI tracking is at 53.03. This is just marginally higher than the resistance level 53.00.

If we continue to see a drop in prices, bearish sentiment may be coming back. SOL would likely fall to $34.00.

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Eliman Dambell

Eliman has a unique perspective on market analysis. He was previously a retail trading teacher and brokerage director. He currently acts as an analyst for various asset types, such as Crypto, Stocks, FX.

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