Skip to main content

Biggest Movers: SOL, NEAR Fall Over 10% During Tuesday’s Session

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.

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.

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.



from Bitcoin News https://ift.tt/KgTb0kD
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more