SOL Falls Towards Multi-Month Low, As LTC Rises On Thursday – Market Updates Bitcoin News
Solana was back in the red on Thursday, as the token fell to a three-month low in today’s session. The decline comes as cryptocurrency markets edged lower, trading down as much as 2.39% at the time of writing. Litecoin was a notable exception, climbing for a second consecutive session.
Solana (SOL)
Solana (SOL) fell over 5% during Thursday’s session as prices neared multi-month lows.
After a high of $32.38 on Wednesday, SOL/USD fell to a low of $30.51 earlier in the day.
This decline pushes SOL closer to the floor of $29.90, which is also the lowest level since June 18, when prices were as low as $26.90.
Last month, solana fell rapidly, going from a high of $48.32 on August 13th to a low of $29.91 on August 29th.
The bearish sentiment appears to have persisted into September, with the relative strength index still in oversold territory.
At the time of writing, the index follows 33.82, which is close to a floor of 32.32. Should we see this support hit, prices are likely to recapture the June lows.
Litecoin (LTC)
While solana fell lower, litecoin (LTC) traded higher on Thursday as the token extended recent gains.
LTC/USD rose to a high of $56.50 earlier in today’s session, moving away from Tuesday’s low of $51.85, which saw the token hit a two-month low.
Since then, prices have risen in back-to-back sessions, with today’s rise taking prices close to a key resistance point.
As litecoin neared the $57.00 ceiling, price uncertainty was assured, with bulls securing profits as opposed to maintaining their positions.
Because of this, LTC is now trading at $55.40 which is over $1.00 lower than today’s previous high.
One reason for this is that the RSI has collided with an obstacle, in the form of a resistance point at 47.25.
Should LTC bulls aim for further gains, this hurdle must be overcome.
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Could we see litecoin break the $57.00 ceiling this week? Let us know your thoughts in the comments.
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