The Celsius Network Token (CEL) surge continues as the 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 surge over 230% so far this month.
It looks like that $CEL Short squeeze is fully effective.
Shorts, RIP 🪦
— Plan©️ (@TheRealPlanC) August 13, 2022
CEL/USD last changed hands at $3.0 per token mid-day after briefly surpassing $4.0 per token earlier in the day. Already drawing comparisons to the meme-stock rallies of early 2021, CEL’s bull run really got going earlier this week as the cryptocurrency broke a long-term downtrend.
News earlier this week that Ripple was in talks to buy distressed Celsius assets added fuel to the fire. One would suspect that CEL’s bullish momentum would eventually fade, but short sellers should tread cautiously.
According to CoinMarketCap, CEL is trading with gains of nearly 50% over the past 24 hours, making it the best-performing cryptocurrency in the top 100 by market cap.
Solana (SOL) Rallies at Bullish Pennant Breakout
SOL, the native token of the smart-contract-enabled Solana blockchain, hit its highest level since late May above the $48 per token mark on Saturday, but has since fallen back to the $46.00 mark. Despite the recent profit-taking, the cryptocurrency is still trading about 8.5% higher over the past 24 hours, making it the best-performing cryptocurrency in the top 20 by market cap, according to CoinMarketCap.
Solana’s recent uptrend comes from a combination of technical buying after a bullish pennant breakout and amid the impact of optimism about the upcoming Ethereum blockchain merger, which will result in a conversion to a proof-of-stake chain, which Solana already is .
Now that the pennant structure has been broken, the SOL bulls are likely to be eyeing a test of the next significant resistance area near the $60 mid-May high.
Polygon (MATIC) Probes Key $1.0 level
MATIC, the native token of Layer 2 Ethereum scaling solution Polygon, was last seen trading at similar gains to Solana over the past 24 hours, making it the second best-performing top 20 cryptocurrency. MATIC is once again probing resistance in the $1.0 area, a break above it could trigger a move higher towards the next major resistance area in the $1.30 area.