Biggest Movers: SHIB 5% Higher as Meme Coin Nears Key Resistance Level

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Shiba inu was one of Friday’s biggest movers, as markets reacted to the news that Binance had approved the meme coin as a collateralized asset. The cryptocurrency exchange confirmed that it was adding 22 new loanable and collateral assets to its Flexible and VIP Loan services. Solana was another notable gainer on Friday.

Shiba Inu (SHIB)

Shiba inu (SHIB) rose by over 5% on Friday, on the news that was adding the asset to its Flexible and VIP Loan services.

SHIB/USD hit an intraday peak of $0.000008677 on the news, a day after trading at a low of $0.000008226.

The move resulted in the meme coin hitting its highest point since Monday, when it peaked at $0.00000872.

One of the catalysts for the surge also seemed to be a breakout of the 60.00 level on the 14-day relative strength index (RSI).

At the time time of writing, the index is tracking at 62.20, which is marginally below a higher ceiling of 63.00

Earlier gains have already eased, with traders likely securing profits in anticipation of a collision with this zone.

Solana (SOL)

Additionally, solana (SOL) returned to the green during today’s session, snapping a two-day losing streak in the process.

After falling to a bottom of $22.52 on Thursday, SOL/USD climbed to a high of $23.13 earlier in today’s session.

Despite today’s rebound in price, solana is still trading almost 7% lower than at the same point last week.

The rally began after the RSI bounced from a support level at the 45.00 mark, rising to a current reading of 49.04.

Bulls are likely targeting a move back above the $25.00 level, however they will first need to move beyond an upcoming wall of 50.00 on the indicator.

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Is there a possibility that solana will hit $30.00 in August? Let us know your thoughts in the comments.