Biggest Movers: SOL Slips 10% as Crypto Bears Return to Action
SOL neared a ten-month low on Tuesday, as bears returned to crypto markets during the session. Following a strong start to the week, markets turned red, with AVAX being another token to fall victim to the latest red wave. Solana (SOL)
SOL was back in the red on Tuesday, as today’s sell-off pushed prices closer to their lowest point since August last year.
Following a peak of $42.99 to start the week, SOL/USD slipped to an intraday low of $37.78 earlier today, which is roughly 11.50% lower than yesterday’s high.
Tuesday’s drop sent SOL back towards its long-term support point of $38.10, and slightly closer to its ten-month low below this floor at $35.50. SOL/USD – Daily Chart
Looking at the chart, the sell-off took place following a failed breakout attempt of the 39 level on the 14-day RSI indicator.
As seen from the index, this point has acted as a resistance level in recent weeks, and has not moved beyond that mark since May 5.
So far, SOL bulls have fought off bears to prevent a full-on break of the $38.10 floor, however should relative strength continue to decline, then a breakout will likely occur.
Avalanche (AVAX)
AVAX was another notable mover on Tuesday, as bearish pressure sent the world’s fourteenth-largest crypto token lower.
Less than 24 hours after hitting a high of $26.58, AVAX dropped by $3 in today’s session, falling to a low of $23.24 in the process.
Like SOL, today’s drop in price saw AVAX/USD move to a support level, in this instance the $22.70 point. AVAX/USD – Daily Chart
This level is also slightly above a ten-month low, which for AVAX is at $21.11, a low which came just over two weeks ago.
Despite being so close to this position, prices continue to consolidate, however it is likely that traders have already placed orders, should they receive any further bearish signals.
This could occur if the Relative Strength Index falls below 36.80, which appears to be a point of support. Tags in this story Analysis, AVAX, Bears, SOL, Solana
Will we likely see new multi-month lows in both AVAX and SOL this week? Let us know your thoughts in the comments. Eliman Dambell
Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX. Bitcoin, Ethereum Technical Analysis: ETH Plunges Below $1,800 as Red Wave Intensifies MARKET UPDATES | 10 hours ago Biggest Movers: ADA up 13% on Monday, THETA Moving Towards Multi-Week High MARKET UPDATES | 1 day ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBitcoin Miners May Get Another Break This Week as Network’s Mining Difficulty Is Expected to Drop Next articleReport: Bored Ape Yacht Club Discord Attacker May Have Been Involved in Previous NFT Phishing Scams Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItDraft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament
A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.NFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments Survey: Adoption in Argentina Grows, With 12 out of 100 Adults Having Invested in Crypto