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Crypto markets were down across the board on Tuesday, as bears re-entered the market, following strong gains on Monday. SOL was one of the tokens to fall, as it lost just over 10% of its value. NEAR also slipped by over 10% during the session.
Solana (SOL)
SOL was one of the most notable tokens to fall during today’s session, as crypto markets fell victim to the latest bearish wave.
The world’s ninth-largest cryptocurrency dropped to an intraday low of $48.29 on Tuesday, following a peak of $54.25 the day before.
As a result of this move, SOL/USD fell marginally below its support level at $48.50, as bears triumphed for a second day in succession.
SOL/USD – Daily Chart
Prices of the solana token have now been consolidating for the past twelve days, following strong declines to start the month.
Looking at the chart, the Relative Strength Index (RSI) is currently tracking at a resistance point of 36.45, which hasn’t been truly broken since May 3.
As of writing, the index resides at 34.64, with its support point around the 33 region and SOL is now trading at $48.29, which is 9.87% lower than yesterday’s high.
NEAR Protocol (NEAR)
NEAR was relegated to the #23 position in the cryptocurrency top 25, as prices fell by over 10% during today’s session.
Following a high of $6.44 on Tuesday, NEAR/USD slipped to an intraday bottom of $5.56 earlier in the day.
Similar to solana, NEAR has also moved back towards its support point of $5.60, which is relatively close to its 11-month low of $3.57.
NEAR/USD – Daily Chart
Although bears might be keen to recapture those lows, prices are currently oversold, and are tracking close to a floor of 28.
With the 14-day RSI currently at 30, we could see a move towards the floor, however, bulls will likely use this as an ideal point to “buy the dip”.
Do you expect SOL/USD to fall further as the week goes on? Let us know your thoughts in the comments.
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.
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Source : Bitcoin
