SOL approached its 10-month low on Tuesday as bears rallied back into crypto markets during the session. After a strong start to the week, markets turned red with AVAX being another token victim of the latest wave of declines.
SOL was back in the red on Tuesday as today’s selloff pushed prices closer to their lowest point since August last year.
After hitting a high of $42.99 earlier in the week, SOL slid to an intraday low of $37.78 earlier today, representing a decline of around 11.50% from the lows. yesterday.
Tuesday’s decline sent Solana back towards its long-term support point of $38.10 and brought it slightly closer to its 10-month low at $35.50.
On the chart, the selloff took place after an attempt to break above the 39 level of the 14-day RSI indicator failed.
As the index shows, this point has acted as a resistance level for the past few weeks, and has not broken above this mark since May 5th.
So far, SOL bulls have resisted bears to prevent a full break of the $38.10 floor, but if relative strength continues to decline, a break will likely occur.
AVAX experienced a downward move on Tuesday as bearish pressure sent the world’s fourteenth-highest-capitalized cryptocurrency token plummeting.
Less than 24 hours after hitting a high of $26.58, AVAX fell $3 in today’s session, falling to a low of $23.24 in the process.
Like SOL, today’s price decline has seen AVAX move towards a support level, in this case the $22.70 point.
This level is also slightly above a ten-month low, which for AVAX is at $21.11, a low that took place just over two weeks ago.
Despite the proximity of this position, prices continue to consolidate, but it is likely that traders have already placed orders, if they receive new bearish signals.
This could happen if the Relative Strength Index falls below 36.80, which appears to be a support point.
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