Polygon fell to its lowest point since January early in the session today, as general sentiment in the crypto markets remained bearish. Overall, the global market capitalization is now down 1.46% at the time of writing. Solana also fell on Thursday, as the token neared a two-month low.
Polygon (MATIC)
On Thursday, the polygon (MATIC) fell to its weakest point since January, as sentiment in the market remained bearish.
After a high of $1.11 on Wednesday, MATIC/USD moved to a low of $1.04 earlier in today’s session.
The last time a polygon traded at this level was January 26, which is the last time the price was below $1.00.
Looking at the chart, this occurs when the 14-day RSI fell to a long-term bottom at 35.00.
At time of writing, the index has since bounced and is at the 36.59 mark, with the next benchmark visible at 42.00.
Overall, the bulls have moved to buy the previous dip and at the time of writing MATIC is trading at $1.07.
Solana (SUN)
Solana (SOL) was another victim of the red wave on Thursday, as the token also fell to a multi-month low.
SOL/USD found a low of $18.20 earlier today, coming a day after it hit a high of $19.33.
Like the polygon, this selloff brought the token to its weakest point since January, with prices falling more than 15% in the last week.
Focusing on the chart, the RSI now sits at 33.96, which is its weakest reading since the start of the year.
However, after seven days in the red, SOL rallied marginally, after appearing to find a floor at the $18.50 mark.
If this floor holds firm over the next few days, then there is a good chance that the bulls will try to recapture the $20.00 mark.
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What do you think is behind today’s sale? Let us know your thoughts in the comments.
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