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Biggest Movers: SOL Slips 10% as Crypto Bears Return to Action 

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SOL approached a ten-month low on Tuesday as bears returned to crypto markets during the session. After a strong start to the week, the markets turned red and AVAX was another token that fell victim to the latest red wave.

Sunshine (SUN)

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SOL returned to the negative on Tuesday as today’s sell-off pushed prices closer to their lowest level since last August.

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After peaking at $42.99 earlier in the week, SOL/USD fell to an intraday low of $37.78, about 11.50% off yesterday’s high.

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Tuesday’s drop sent SOL back to its long-term support point at $38.10 and slightly closer to its ten-month low below that at $35.50.

SOL/USD – daily chart

Looking at the chart, the sell-off occurred after an unsuccessful attempt to break through the 39 level on the 14-day RSI indicator.

As can be seen from the index, this point has acted as a resistance level in recent weeks and has not moved beyond this mark since May 5th.

So far, the SOL bulls have been fighting the bears to prevent a full breakout of the $38.10 floor, however, if relative strength continues to decline, a breakout is likely to occur.

Avalanche (AVAX)

AVAX was another notable move on Tuesday as bearish pressure sent the world’s fourteenth largest cryptocurrency token down.

Less than 24 hours after hitting a high of $26.58, AVAX dropped $3 in today’s session, falling to a low of $23.24 in the process.

Like SOL, today’s price drop has caused AVAX/USD to move to a support level, in this case the $22.70 point.

AVAX/USD – daily chart

This level is also slightly above the ten-month low of $21.11 for AVAX, a low that was hit just over two weeks ago.

Despite being close to this position, prices continue to consolidate, however, it is likely that traders have already placed orders if they receive any further bearish signals.

This could happen if the Relative Strength Index falls below 36.80, which is a support point.

Will we likely see new multi-month lows in both AVAX and SOL this week? Let us know your thoughts in the comments.

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