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After falling by as much as 10% on Wednesday, bitcoin cash rebounded in today’s session, climbing back above $300.00 in the process. The move came during a volatile market session, which saw crypto’s global market cap remain largely unchanged. Solana was a notable exception however, racing to a one-month peak.
Bitcoin Cash (BCH)
Bitcoin cash (BCH) rallied back above $300.00 on Thursday, prior to the global crypto market moving to consolidate.
Following a low of $250.23 on Thursday, BCH/USD jumped to an intraday peak at $300.85 earlier in the day’s session.
As a result of the rally, price moved to its strongest point since the start of the week, and closer to a recent 15-month high.
Earlier gains have now been erased, with BCH falling to a current reading at $279.71 as of writing.
One of the catalysts for this is the fact that the relative strength index (RSI) moved closer to a ceiling at 73.00, after bouncing from a floor at 70.00.
The index is now tracking at 71.69, and will likely consolidate around this area for the remainder of the day.
Solana (SOL)
Solana (SOL) moved past the $20.00 level earlier in the day, hitting a one-month high in the process.
SOL/USD surged to an intraday high at $20.32, which comes after falling to a bottom at $18.50 the day prior.
This rally has resulted in the world’s ninth largest cryptocurrency hitting its highest level since June 6.
Since this earlier high, SOL has since slipped, with bulls unable to sustain a breakout of the $20.00 price point.
This was in part due to the RSI failing to breach its own resistance zone, which was around 61.00.
SOL’s price strength is now sitting at 57.72, and appears to be heading for a lower floor near the 52.00 area.
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