SOL was slightly lower on Tuesday due to recent price declines. Today, bulls brought the market to bear and today saw SOL bounce on its long term support point. MATIC too moved higher and collided with its price ceiling.
Solana (SOL)
SOL was trading marginally higher in today’s session, as prices rebounded following a four-day losing streak.
The bulls entered market at $32.65, pushing prices higher from their recent lows.
Tuesday’s rally saw SOL/USD hit an intraday peak of $35.64, with some now waiting to see if bulls will continue to push prices upwards.
This level was historically the beginning of three bull runs that typically saw prices reach a maximum of $40.
The chart is showing that even though the RSI bounces on a floor, the momentum could be shifting. Should the 10-day moving Average extend its current cross, this would indicate that there has been a shift.
Relative strength currently stands at 43.5. A short-term ceiling of 45 is nearby. If this point is not reached, then sentiment could shift to the bulls’ side.
Polygon (MATIC).
Whilst SOL was bouncing from a support point, MATIC was colliding with a resistance level following today’s marginal gains.
After three consecutive sessions with lower lows MATIC/USD reached a new high on Tuesday at $0.5964
This spike saw the token close to $0.5980. But it’s since fallen, likely because bulls gained and then exited older positions.
MATIC trades now at $0.5683. Meanwhile, the Relative Strength Index for 14 days is tracking at 54.
The upwards crossover of the 10-day and the 25-day moving averages has made MATIC’s momentum bullish.
This cross will mature and break the ceiling, which has been tested earlier in today’s session.
MATIC could rise to $0.80 per month. Please share your views with us in the comments.
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