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Stock markets were mostly up on Monday morning (UTC) as easing COVID-19 curbs in China offered hope for global economic recovery. The positive sentiment has also uplifted the cryptocurrency market as BTC and ETH rose by 3.5% and 3% in the last 24 hours.

While the two leading cryptocurrencies presented modest gains, a handful of mid-capitalization altcoins rallied 5% or higher from the previous day. THETA and LINK surged by 12.5% and 7.5%, respectively. While popular Layer 1 protocols like ADA and AVAX gained as much as 5% and 7%, respectively.

BTC has held on to its initial support at $29,500 over the weekend, and gained upward momentum to trade at $31,250 at the time of writing. In the near term, BTC's price may revert to Tuesday's high ($32,500) until a breakout or breakdown is confirmed.

The recent recovery appears to be creating positive momentum on the daily chart, which could keep short-term buyers active. That said, the upside seems to be limited between the $35,000 to $37,000 resistance zone, especially as long-term trend signals remain negative. Furthermore, the 14-day Relative Strength Index (RSI) must return above the neutral mark of 50 to sustain a price rebound.

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Over the past week, SOL declined more than 9% after Solana experienced its second outage in a month. SOL's price fell 12% on Wednesday, June 1, 2022, bringing its net paper losses down to 84% after peaking above $260 seven months ago. The Layer 1 platform has been plagued by several outages this year, with the latest one causing the network to go offline for four hours on Wednesday due to a bug that halted block production.

The token briefly fell below the $40 mark over the past week, reaching a new 11-month low as the protocol's network issues took a toll on SOL's price. Since then, SOL has recovered to $41 on Monday morning, in tandem with the broader cryptocurrency market.

Given the current oversold readings on the 14-day Relative Strength Index (RSI), a short-term recovery is expected due to profit-taking by the short-sellers. This temporary buying momentum should lift SOL towards the $50 resistance level.

However, the path to long-term recovery remains elusive. Therefore, any strength seen in SOL can be viewed as an opportunity to sell since it is a clear sign that the path of least resistance remains to the downside until proven otherwise.

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Stock markets were mostly up on Monday morning (UTC) as easing COVID-19 curbs in China offered hope for global economic recovery. Find out more, on Futures Weekly.

BTC Crosses $31,000 — Is the Worst Over?

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