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AXS falls lower after hacks, while ZIL climbs more than 50%

AXS traded lower Wednesday after the Axie Network Ronin was breached, allowing hackers to steal over $620 million from the crypto-based trading and battling games.

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AXS falls lower after hacks, while ZIL climbs more than 50%

ZIL traded more than 50% higher in the session.

Zilliqa, ZIL

Zilliqa (ZIL), which was up more than 50% during today's session, was due to traders reacting to the news that Zilliqa had partnered with Agora.

ZIL gained more than 200% over the past week following the news. Today's gains saw prices reach an intraday high at $0.1604.

Today's peak is ZIL/USD breaking through its resistance level at $0.1080. This pushes prices to a new record.

The chart shows that these highs are the result of prices moving away from the support level at $0.0418 on March 21.

We have witnessed a string of higher ZIL highs since then, with current price strength tracking off the charts.

The 14-day RSI reading is currently at 89.17 as of writing. This is significantly higher than its previous high of 65.

This could make it attractive to bears who are looking for a price reversal.

Solana (SOL)

Today's big movers were AAVE, HNT and VET. However, the notable secondary mover was SOL.

SOL/USD climbed up to $124.29 intraday during today's trading session as it overtook LUNA as the eighth-largest cryptocurrency in the world.

SOL's move came as the price broke through the $113.70 long-term resistance level, reaching a six-week high.

As the long-term ceiling was breached by the 14-day RSI, Wednesday's price surge pushed prices to their highest level since February 7.

The chart shows that the resistance of 65.9 was broken on November 1, and is now at 74.4

We may see some consolidation now that price strength is clearly overbought. This could lead to a reversal of price. Bulls will exit and bears will look to enter.


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