DOGE and SOL were some of the notable players on Monday as crypto markets were once again hit by a red wave. DOGE fell to its lowest level since April 2021, while SOL also traded close to a yearly low earlier in the week.
The SOL sell-off sent prices down to their lowest level since last July as crypto markets tumbled across the board.
The ninth largest crypto token in the world fell more than 17% on Monday, hitting an intraday low of $26.45.
The drop came less than a day after prices surged almost $10 to $34.12, however, due to falling markets, SOL was unable to hold above $30.
Overall, the solana is now trading lower for the fourth day in a row and more than $120 lower than at the same point two months ago.
Despite this latest sell-off, the 14-day RSI has yet to hit its low of 22 and is currently tracking at 26.60.
If this level is reached, there is a chance that SOL will trade at or below $20 for the first time since last April.
On the other hand, DOGE is currently trading at its lowest level since April last year, as prices fell more than 17% today.
DOGE/USD hit an intraday low at $0.05355 earlier in the week, less than 24 hours after trading at $0.06906.
After a week-long consolidation that began in June, DOGE began selling off Wednesday last week as markets prepared for the release of inflation data.
Looking at the chart, these recent declines have sent the Relative Strength Index to its weakest level on record.
At the time of writing, the RSI is tracking at 21.16, the highest oversold price since DOGE was created in 2015.
While many will believe that only upside is possible from here, the bears are likely to continue liquidating positions, sending prices down.
Can the DOGE rocket take off again? Let us know your thoughts in the comments.
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Credit : news.bitcoin.com