SOL, ADA Plunge, As Market Momentum Turns Bearish – Market Updates Bitcoin News
Solana fell to a three-week low on February 10, as momentum in cryptocurrency markets remained strongly bearish. At the time of writing, the global market cap is trading 4.23% lower, with bears regaining sentiment. Cardano was also on the decline, falling by as much as 8% today.
Solana (SOL)
Solana (SOL) prices plunged during today’s session, which comes as bears appear to have regained market sentiment.
After a high of $22.90 on Thursday, SOL/USD moved to an intraday low of $20.20 earlier in the session.
This drop resulted in the token reaching its lowest point since January 19, when solana last collided with a floor at $20.00.
Since peaking at 87.67 on the 14-day Relative Strength Index (RSI) back on January 13, price strength has consistently declined.
As a result, the index is now trading at 44.21, which is the weakest point since January 2 when SOL was below $10.00.
Ultimately, this has its upside, as long-term bulls may see this as a sign that prices are gradually moving in the right direction.
Cardano (ADA)
Cardano (ADA) extended its own recent selloff on Friday, with prices falling for a third straight session.
ADA/USD fell to an intraday low of $0.3558 earlier today, which comes after prices peaked at $0.3896 on Thursday.
As a result of this drop, ADA fell to its weakest point since January 25, breaking out of a $0.3590 floor in the process.
Since falling from this support point, ADA has rallied somewhat, with bulls moving to buy the price drop.
This took place as the RSI flattened to a floor of 46.70, with cardano currently at $0.3611.
If this floor on the indicator continues to hold, there could be a rally during the week, with bulls re-entering the market.
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Do you expect cardano rally once today’s sell off has ended? Let us know your thoughts in the comments.
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