Solana lost for the second session in succession on Tuesday. This pushed the token’s lowest point in 12 days. The move comes as sentiment in crypto markets turned bearish ahead of tomorrow’s FOMC meeting. The near protocol dropped as high as 12%, as well.
Solana (SOL)
Solana (SOL), which was trading in the red, fell for the second consecutive day as the market moved towards a critical support level.
SOL/USD fell to $35.28 on Tuesday. This is the lowest intraday trading level since July 14.
Prices moved closer to $32.40 as a support, which was in place since mid June.
The recent solana downtrend began exactly one week ago today. After a failed attempt by bulls to reach $50, the price ceiling at $47 held firm.
This was reflected in the chart’s close-up. Price strength reached a resistance level of 65.20.
It was also the highest relative strength indicator (RSI) that had been measured since April. Previous bulls could not sustain additional rallies due to insufficient pressure.
The SOL/USD might first reach the $32.40 floor before bulls prepare for reentry.
Near Protocol (NEAR).
Like solana, Near protocol (NEAR) extended recent losses during today’s session, with the token falling by as much as 12%.
After a high of $4.08 at the beginning of the week, NEAR/USD fell to $3.59 later in the day.
This resulted in the token falling to its lowest point since June 18th when prices were rising from $3.50 to an then-floor.
Today’s selloff has taken near protocol back towards this point, and comes following last week’s failed breakout into the $5.00 region.
This drop in prices is due to the fact that the 14-day RSI fell below a floor at 46.80 and now tracks at 44.99
NEAR currently trades more than 17% below the previous week’s close, and all signs point towards further falls in the future sessions.
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In the coming weeks, will near protocol return to $5? We’d love to hear your comments.
Images CreditsShutterstock. Pixabay. Wiki Commons
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