Solana (NEAR), AVAX and AVAX all traded over 20% lower Wednesday due to the continued fall in global crypto markets on humpday. The crypto market cap currently stands at 6.35%. This is because traders are still digesting the recent drop in the price LUNA and UST.
Solana (SOL)
Solana was down by over 20% during Wednesday’s trading session, as the bear market caused by the crash in LUNA continued to send shock waves through the markets.
SOL/USD traded at an all-time high of $70.90 Tuesday. However, it dropped to $49.69 on Tuesday.
This is the largest one-day price decline this year and has pushed SOL down to its lowest level since August.
Since the failure to breach the $93 resistance mark on the previous day, the prices have fallen.
The chart shows that the 14-day RSI readings the charts at 24.87. This is its lowest level in almost five months.
Despite earlier losses easing, price was still down 24.30% from yesterday’s peak, with traders still looking to find a stable support point.
Avalanche (AVAX)
Aside from LUNA, which fell by over 90% in today’s session, AVAX was another notable mover, as it dropped by over 30% today.
The token fell to an intraday low of $27.85 on Wednesday, following a peak of $48.52 during yesterday’s session.
This move led to AVAX/USD falling to the lowest point in almost nine months and prices dropping below $20.
Overall, AVAX has dropped by over $70 since the start of April, with today’s floor the lowest level prices have been since last August.
If you look at the chart, it is apparent that the 14 day RSI is currently below 23, the lowest this indicator has reached since AVAX was founded.
Bulls will take the fact that prices have been so oversold to their advantage. However, there is no price floor and we could see even more uncertainty in future sessions.
Is it possible that AVAX could break $20 this week We’d love to hear your comments.
Credits for the imageShutterstock. Pixabay. Wiki Commons
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