AXS was trading lower on Wednesday, after it was reported that the Axie Infinity network Ronin suffered a breach, leading to hackers stealing over $620 million from the blockchain-based trading and battling game. This came as ZIL was trading by over 50% higher during the session.
Zilliqa (ZIL) was up by over 50% in today’s session, as traders continued to react to the news that Zilliqa was partnering with Agora.
Following the news, ZIL rallied by over 200% in the past week, with today’s gains seeing prices hit an intraday high of $0.1604.
Today’s peak comes as ZIL/USD broke past its resistance level of $0.1080, pushing prices to a new record high in the process.
Looking at the chart, these recent highs have come as prices moved away from the support level of $0.0418 on March 21.
Since then we have seen a streak of higher highs from ZIL, with price strength currently tracking off the charts.
As of writing, the 14-day RSI is currently at a reading of 89.17, which is substantially above its previous high of 65.
This could be inviting to bears looking for a reversal in prices.
AAVE, HNT, and VET were all big movers today, with most of these climbing by over 10%, however the most notable secondary mover today was SOL.
SOL/USD climbed to an intraday high of $124.29 during today’s trading session, as it replaced LUNA as the world’s eighth-largest cryptocurrency.
This move from SOL came as the price broke out of the long-term resistance level at $113.70, hitting a six-week high in the process.
The surge in price on Wednesday, which took prices to their highest since February 7, came as the 14-day RSI moved past its long-term ceiling.
Looking at the chart, the resistance of 65.9 on the indicator was broken for the first time since November and now tracks at 74.4.
With price strength now clearly overbought, we may be set for some consolidation, that potentially leads to a reversal in price, as bulls exit, and bears look to enter.
Will SOL remain above LUNA for the remainder of this week? Let us know your thoughts in the comments.