Biggest Movers: SOL, ADA Plunge, as Market Momentum Turns Bearish
Solana fell to a three-week low on Feb. 10 as momentum in the cryptocurrency markets remained firmly bearish. At the time of this writing, the global market cap is trading 4.23% lower and bearish sentiment is returning. Cardano was also in decline, falling as much as 8% today.
Solana (SOL) prices fell during today’s session as the bears appear to have regained market sentiment.
After a high of $22.90 on Thursday, SOL/USD dropped to an intraday low of $20.20 early in the session.
This drop caused the token to hit its lowest level since January 19, when Solana last hit a $20 low price.
Since the 14-day Relative Strength Index (RSI) peaked at 87.67 on January 13, price strength has steadily declined.
As a result, the index is now tracking at 44.21, its weakest point since January 2, when the SOL was below $10.
Ultimately, this has its upside, as longer-term bulls may see this as a sign that prices are gradually moving in the right direction.
Cardano (ADA) continued its recent selloff on Friday, with prices falling for the third straight session.
ADA/USD fell to an intraday low of $0.3558 earlier today, which came after prices peaked at $0.3896 on Thursday.
As a result of this fall ADA fell to its weakest point since Jan. 25, breaking the low at $0.3590 in the process.
Since the fall from this fulcrum, ADA rose slightly, and the bulls began to buy on falling prices.
This happened as the RSI flattened out at 46.70 and Cardano is currently worth $0.3611.
If this lower limit of the indicator continues to hold steady, there could be a rally within the week and the bulls will re-enter the market.
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Credit : news.bitcoin.com