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Monero [XMR], Solana [SOL], and their redemption journey post 16 May

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Unlike Crypto OGs, newbies and paper hands in the crypto space are not familiar with the popular saying “with hardship comes ease”. 

With FUD at an all-time high last week following crypto markets correction, the price of Bitcoin and several other altcoins plummeted.

However, last weekend was marked with a retracement as most cryptocurrencies attempted a recovery.  Solana’s SOL and Monero’s XMR were among the best performers as they recorded intraday trading highs on 16 May.

Recording a high of $174 during 16 May’s trade, a 19% increment was marked from the $146 price index recorded by XMR on 13 May. Similarly, at an intraday trading high of $58, SOL recorded a 13% price spike from the $51 marked on 13 May.

However, before investors become joyous, a closer look at performance in the last 24 hours is pertinent.

A redemption for your SOL

With a 4% spike in price recorded in the last 24 hours, an SOL token sold for $56 at the time of writing. Comparatively, in a 7-day window period, the coin declined by 19%. However, with a crypto market retracement underway, a speedy recovery is expected. 

Source: CoinMarketCap

Following a similar progression was the token’s market capitalization. At $18,913,459,121 at the time of press, the market cap recorded a 3% spike in the last 24 hours.

Furthermore, although below the 50 neutral region, the RSI and MFI appeared to be in an uptrend at press. A further push into the neutral region can be expected as the momentum looks favorable. 

Source: TradingView

Do you HODL some Monero?

After trading at a low of $128.00 on 15 May, XMR on Monday (16 May) hit an intraday high of $174. Although this was followed by a retracement, in the last 24 hours, the price of the token rallied by 3% leaving the price per Monero token at $170.17 at the time of press. 65% away from its ATH of $517.62, with the market correction and consequential recovery, maybe HODLers might have a reason to smile soon.

A look at the price charts revealed that an intersection of the MACD line with the trend line in an upward direction was underway. This is generally indicative of increasing buying pressure which might further help boost the price of this token. 

Source: TradingView

In addition, standing at $3.08b at the time of press, the market capitalization for the XMR token saw a 1% spike in the last 24 hours. Marking a high of 187.96m in transaction volume on 16 May, in the early hours of 17 May, this stood at 182.09m and is expected to go higher.

Source: Santiment


Abiodun is a full-time journalist working with AMBCrypto. He is also a lawyer with over 2 years of experience. With a keen interest in blockchain technology and its limitless possibilities, Abiodun spends his time understanding the technology, building projects, and educating people about it.
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