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Biggest Movers: MATIC, SOL Move Towards 4-Month Highs on Saturday

Polygon rallied to its highest point in nearly four months on Saturday, as the token climbed to the $1.00 mark to start the weekend. Solana was also trading at a multi-month high, as it rose by over 10% earlier in today’s session. As of writing, the global crypto market cap is trading nearly 3% higher.

Polygon (MATIC)

Polygon (MATIC) was a notable gainer on Saturday, as the token rose to its highest point since May.

Less than 24 hours after trading at a low of $0.9141, MATIC/USD climbed to a peak of $1.02 to start the weekend.

This is the strongest point that the token has traded at since May 7, and comes after prices rallied past a key resistance level.

MATIC/USD – Daily Chart

Looking at the chart, this resistance was at the $0.9500 region, which was last breached on July 31. However, the move eventually turned into a false breakout.

As of writing, another resistance level was hit, with the 14-day relative strength index (RSI) now tracking at a ceiling of its own.

This is the 66 point on the index, which has been in place since July 17, when the RSI moved to a high above the 80 level.

Following earlier highs, MATIC is once again trading below $1.00, as bulls retreated from their previous positions.

Solana (SOL)

In addition to MATIC, solana (SOL) was another big mover in today’s session, with it also climbing to its highest point since May.

SOL/USD raced to an intraday high of $48.18 to start the weekend’s session, as bulls attempted to recapture the $50.00 point.

The move sees solana hit its highest point since May 25, and comes as the 10-day (red) moving average (MA), crossed above the 25-day (blue) MA.

SOL/USD – Daily Chart

This is the first time since mid-July that such a cross has occurred, with prices rising from a floor of $32, to a ceiling of $47 on that occasion.

In addition to this, the 14-day RSI has also broken its ceiling, surging above the 59.20 resistance for the first time since July 18.

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Can solana hit $50.00 in August? 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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