Cryptocurrency markets experienced a shift in momentum on Tuesday, with Solana and Litecoin both making notable gains. Solana rose by as much as 15% during the session, hitting its highest point since March 20th. The token rose from a low of $20.18 to a peak of $23.20, with the move coinciding with the 14-day relative strength index (RSI) moving beyond a ceiling at 58.00. The RSI is currently tracking at 63.74, just below a higher resistance level of 64.00. Should Solana bulls take the RSI beyond this point, there is a good chance that the price could move above $24.00.
Litecoin also saw gains, rising to a multi-week high of $96.89 during the session. This comes after trading at a low of $92.37 on Monday. The surge saw Litecoin climb to its highest level since March 2nd, when it was trading at $98.34. Prices briefly rose above a key resistance level of $95.50, but these gains were lost as the session progressed. At the time of writing, Litecoin is trading at $95.41, which is 2.61% higher than Monday’s low.
The global crypto market cap is up by 4.42% at the time of writing, with bullish sentiment returning to cryptocurrency markets. It remains to be seen what is behind the crypto rally, but it is clear that investors are once again feeling optimistic about the future of the market.
Eliman Dambell, a former director of a London-based brokerage and current online trading educator and startup founder, commented on the market movement, providing analysis on various asset classes, including crypto, stocks, and FX. However, it is important to note that this article is for informational purposes only and should not be taken as investment advice. Bitcoin.com, the publisher of this article, does not provide investment, tax, legal, or accounting advice.
In conclusion, Solana and Litecoin both saw notable gains on Tuesday as bullish sentiment returned to cryptocurrency markets. It remains to be seen whether this momentum will continue, but investors are once again feeling optimistic about the future of the market.