SOL started the weekend trading lower, and prices fell on Saturday. After a week-long consolidation, bears have re-entered market. ATOM, which fell by 10% was the most important mover.
Cosmos (ATOM)
ATOM’s prices dropped by more than 10% Saturday, after climbing over 15% Friday.
ATOM/USD followed up yesterday’s peak of $12.12 by falling to an intraday low of $10.82 to start the weekend.
This move is coming as ATOM moves back to its $9.90 floor, as others were anticipating a rally to $15.00.
Instead, however, ATOM has moved back to a ten day low as bearish pressure drove prices lower.
As you can see, the Relative Strength Index failed to breach its ceiling of 38.
Markets are likely to continue moving around the support point before any future rallies, or potential declines.
Solana (SOL)
SOL dropped to 9th on the global list of the most valued crypto tokens, as the markets were red for the weekend.
SOL dropped after Friday’s high of $52.11 and subsequently fell to an intraday low at $48.05.
Saturday’s sell-off sees ADA leapfrog solana to be the eighth most valuable token, as prices dropped by over 7% in today’s session.
In general, the prices trade closer to the $47 long-term support level. This is near a 10-month low.
The 14-day RSI currently hovers at 34. That is just below the resistance of 36, as shown in the chart.
It is highly unlikely that any price movements will occur if the level of price strength continues to follow this trend throughout the weekend.
What do you think about SOL’s weekend trading exceeding $60? We’d love to hear your comments.
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