SOL Slips to 12-Day Low, With NEAR Down About 12% on Tuesday – Market Updates Bitcoin News


Solana fell for the second consecutive session on Tuesday, pushing the coin to a twelve-day low. The move comes as sentiment in the cryptocurrency markets has turned bearish ahead of tomorrow’s Federal Open Market Committee meeting. Close protocol was also lower, down as much as 12% today.

Solana (SOL)

Solana (SOL) was in the red for the second day in a row, as prices approached a major support level.

On Tuesday, the SOL/USD exchange rate fell to an intraday low of $35.28, the lowest it traded since July 14.

The move pushed prices close to the support point at $32.40, which has been in place since mid-June.

Biggest Drivers: SOL slips to 12-day low, NEAR down nearly 12% on Tuesday
SOL / USD – daily chart

This latest downtrend started in Solana exactly a week ago today, when the $47 price cap was held, after the bulls attempted to move to $50.

Looking closely at the chart, this happened where there was another ceiling, as price strength hit the 65.20 resistance point.

This was the highest Relative Strength Index (RSI) tracked since early April, with the former bulls unable to maintain the pressure needed for further advances.

SOL/USD could head first towards the $32.40 floor, before we see the bulls preparing to come back again.

Near Protocol (NEAR)

Like Solana, the Nearby Protocol (NEAR) extended its recent losses during today’s session, with the coin dropping as much as 12%.

After peaking at $4.08 at the start of the week, NEAR/USD fell to a low of $3.59 earlier in the day.

This sent the coin dropping to its lowest level since last Monday, June 18, when prices were rising from the $3.50 level at the time.

Biggest Drivers: SOL slips to 12-day low, NEAR down nearly 12% on Tuesday
NEAR / USD – daily chart

Today’s sell-off approached the protocol at this point, and comes after last week’s failed breakout in the $5.00 region.

The drop in prices comes with the 14-day RSI dropping below its own floor at 46.80, and now tracking at 44.99.

Overall, NEAR is now trading more than 17% below the same point last week, with all indications pointing to a further decline in the upcoming sessions.

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Will the near-protocol drop around $5 in the next few weeks? Let us know your thoughts in the comments.

Eleman Dambel

Eliman offers an eclectic view of market analysis, having worked as a brokerage manager, retail trading educator and market commentator on Crypto, Stocks, and FX.




photo credits: Shutterstock, Pixabay, Wikicommons

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