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.

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.

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.

Will we likely see new multi-month lows in both AVAX and SOL this week? Let us know your thoughts in the comments.

Earning Passive Income With Crypto

Related Posts

Investment: How To Calculate The Attractiveness of a Cryptocurrency

Investment: Asset manager, financier, and cryptocurrency teacher Alexander Alexandrovich Ryabinin says the investment attractiveness of digital assets can be determined by analyzing inflationary and deflationary processes. The…

Rich Dad Poor Dad’s Robert Kiyosaki Says He’s Waiting for Bitcoin to Test $1,100 to Buy More

The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, says he’s waiting for the price of bitcoin to test $1,100. He added that…

This is the Future of the Liquid Staking, Based on the Past

Staking and the future: The liquid staking industry is at a turning point, says Simon Furlong, the Co-Founder of Geode Finance. The various opportunities across DeFi and cryptocurrency…

Book by Nigerian Author Reminds New Adopters Why Bitcoin Was Created

Nigerian author and crypto advocate Nathaniel Luz has said his recently published book represents his attempt to remind people of the initial reason why bitcoin was created….

Voyager Digital Issued Notice of 3AC’s Loan Default; Here’s What Might Be Next

Crypto hedge fund Three Arrows Capital (3AC) has defaulted on an estimated loan of $670 million, as per the market update by Voyager Digital. In a release dated June…

Kaiko Triples Valuation With Latest Funding Round

Blockchain analytics firm Kaiko raised $53 million during its latest financing round from new and existing investors. The Series B round managed to triple Kaiko’s valuation since…