SOL, NEAR Fall Over 10% During Tuesday’s Session – Market Updates Bitcoin News

The crypto market fell all across the board Tuesday as bears entered the market after Monday’s gains. SOL fell just above 10%. NEAR was also affected by a drop of over 10%.

Solana (SOL)

SOL was one of the most notable tokens to fall during today’s session, as crypto markets fell victim to the latest bearish wave.

The world’s ninth-largest cryptocurrency dropped to an intraday low of $48.29 on Tuesday, following a peak of $54.25 the day before.

This move caused SOL/USD to fall slightly below $48.50 as the bears prevailed for the second consecutive day.

After a strong start to the month, solana token prices have been steadily rising for the last twelve days.

Looking at the chart, the Relative Strength Index (RSI) is currently tracking at a resistance point of 36.45, which hasn’t been truly broken since May 3.

As of writing, the index resides at 34.64, with its support point around the 33 region and SOL is now trading at $48.29, which is 9.87% lower than yesterday’s high.

NEAR Protocol

NEAR was relegated to the #23 position in the cryptocurrency top 25, as prices fell by over 10% during today’s session.

Near/USD dropped to $5.56 intraday earlier on Tuesday after a peak of $6.44.

NEAR, like solana has moved back to $5.60 as its support point, which is close to the $3.57 low it reached 11 months ago.

While bears may be eager to recover those lows from the bottom, current prices are oversold and tracking near a 28-year high.

With the 14-day RSI currently at 30, we could see a move towards the floor, however, bulls will likely use this as an ideal point to “buy the dip”.

Are you expecting SOL/USD will fall more as the week progresses? Please share your views with us in the comments.

Eliman Dambell

Eliman is a market analyst with a diverse perspective. He has worked in various capacities, including as a retail trading teacher, brokerage director, and market commentator for Crypto, Stocks, and FX.