SOL neared a ten-month low on Tuesday, as bears returned to crypto markets during the session. Following a strong start to the week, markets turned red, with AVAX being another token to fall victim to the latest red wave.
Solana (SOL)
SOL was back in the red on Tuesday, as today’s sell-off pushed prices closer to their lowest point since August last year.
Following a peak of $42.99 to start the week, SOL/USD slipped to an intraday low of $37.78 earlier today, which is roughly 11.50% lower than yesterday’s high.
Tuesday’s drop sent SOL back towards its long-term support point of $38.10, and slightly closer to its ten-month low below this floor at $35.50.
Looking at the chart, the sell-off took place following a failed breakout attempt of the 39 level on the 14-day RSI indicator.
As seen from the index, this point has acted as a resistance level in recent weeks, and has not moved beyond that mark since May 5.
So far, SOL bulls have fought off bears to prevent a full-on break of the...
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