Solana neared the $20.00 level on Monday, as bullish sentiment returned to cryptocurrency markets to start the week. The rise in momentum comes as focus shifts to the upcoming Federal Open Market Committee (FOMC) meeting. Bitcoin cash was another notable gainer today.
Solana bulls pushed the token towards the $20.00 level on Monday, as markets geared up for a key week of U.S. economic data.
SOL/USD peaked at $19.95 to start the week, which comes following a low of $18.65 the day prior.
This surge in price pushed solana to its strongest level since September 8 when price was last above $20.00.
Looking at the chart, the move comes as the 14-day relative strength index (RSI) rose above a key ceiling at the 49.00 mark.
The index is currently tracking at the 50.45 mark at the time of writing, with the next visible ceiling at 53.00
In the event price strength rallies beyond this point, SOL will likely be tracking around $20.50.
Bitcoin Cash (BCH)
Another big mover on Monday was bitcoin cash (BCH), which surged by as much as 5% in today’s session.
Following a low of $205.78 on Sunday, BCH/USD rallied to an intraday high of $221.88 to start the week.
As a result of the move, bitcoin cash briefly broke out of a ceiling at $222.00, hitting a three-week high in the process.
This surge has pushed price strength to a collision with a resistance level of its own, at the 60.00 mark.
The index is tracking marginally above this point at 61.44, which is the highest area it has hit since July.
Should it continue to move past the aforementioned ceiling, there is a chance that BCH will near $240.00 in the coming days.
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What other factors are behind Monday’s bullish momentum? Let us know your thoughts in the comments.