Wednesday, 26 April 2023

Biggest Movers: MATIC Slides to 6-Week Low, as SOL Extends Declines

by Earn Media

Biggest Movers: MATIC Slides to 6-Week Low, as SOL Extends Declines

Polygon fell to a six-week low on Tuesday, with sentiment in cryptocurrency markets remaining bearish. The price plunged as consumer confidence in the United States fell by more than expected, coming in at a reading of 101.3 in April. Solana also slipped, hitting a two-week low.

Polygon (MATIC)

Polygon (MATIC) dropped to a six-week low on Tuesday, as sentiment in cryptocurrency markets remained bearish.

MATIC/USD dropped for a third straight session, hitting an intraday low of $0.9633 in the process.

The move came less than a day after polygon was trading at a peak of $1.01, with today’s fall sending it to its weakest point since March 10.

As a result of the sell-off, it appears that MATIC bears are targeting a floor at the $0.95 mark.

From the chart, one of the catalysts for the drop seems to be a breakout that occurred on the relative strength index (RSI).

The index fell below a floor at 32.00, and is currently tracking at 31.13, which is its lowest reading since last June.

Solana (SOL)

Solana (SOL) was another notable mover on Tuesday, as the token moved closer to a floor at $20.00.

Following a high of $21.95 to start the week, SOL/USD dropped to a low of $20.92 earlier in today’s session.

Today’s slippage sent solana to its lowest level since April 11, when price fell to a bottom at $20.83.

At the time of writing, SOL has somewhat risen from its earlier low, and is currently trading at $20.95.

In addition to this, the RSI indicator continues to track near a floor at 42.00, with a present reading of 42.66.

Should it fall below this point of support, it is highly likely that solana will drop below $20.00.

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Will solana begin May trading below $20.00? Let us know your thoughts in the comments.