Top 3 Trending Coins: CEL Surpasses $4.0 as Short-Squeeze Continues, SOL & MATIC Also Looking Bullish
Key Points
- CEL briefly surpassed $4.0 per token on Saturday and is up over 230% this month amid an ongoing short squeeze.
- Solana hit multi-month highs on Saturday above $48 amid bullish momentum after a recent pennant breakout.
- Polygon is eyeing a push above resistance in the $1.0 per token area.
Celsius Network Token (CEL) Surge Continues As Short-Squeeze Worsens
CEL, the native token of bankrupt cryptocurrency lending platform/exchange Celsius Network, continues to pump higher amid an ongoing, community-led short-squeeze that has seen the token rise over 230% so far this month.
It looks like the $CEL short squeeze is in full effect.
Your capital is at risk
Shorts, RIP 🪦
— Plan©️ (@TheRealPlanC) August 13, 2022
CEL/USD was last changing hands in the mid-$3.0s per token, having briefly surpassed $4.0 per token earlier in the day. CEL’s bull run which is already drawing comparisons to the meme stock rallies of early 2021 really got kicking at the start of this week when the cryptocurrency broke above a long-term downtrend.
News earlier this week that Ripple is in talks to purchase distressed Celsius assets added fuel to the fire. One would suspect that CEL’s upside momentum will peter out at some point, but would be shorters should tread cautiously.
According to CoinMarketCap, CEL is trading with gains of close to 50% in the last 24 hours, making it the best performing cryptocurrency in the top 100 by market capitalization.
Solana (SOL) Rallies on Bullish Pennant Breakout
SOL, the native token the smart-contract enabled Solana blockchain, hit its highest levels since late May on Saturday above the $48 per token mark, though has since fallen back into the $46.00s. Despite the recent profit-taking, the cryptocurrency is still trading around 8.5% higher in the past 24 hours, making it the best performing cryptocurrency in the top 20 by market cap, according to CoinMarketCap.
Solana’s recent upside comes amid a combination of technical buying following a bullish pennant breakout and amid the spillover impact of optimism about the Ethereum blockchain’s upcoming Merge that will see it transition to become a Proof-of-Stake chain, which Solana already is.
Now that the pennant structure has been broken, SOL bulls will likely be eyeing a test of the next significant area of resistance near the $60 level, the high from mid-May.
Polygon (MATIC) Probes Key $1.0 Level
MATIC, the native token of layer-2 Ethereum scaling solution Polygon, was last trading with similar gains in the last 24 hours to Solana, making it the second best performing top 20 cryptocurrency. MATIC is once again probing resistance in the $1.0 area, a break above which could trigger a surge higher towards the next significant resistance area in the $1.30 region.