On Tuesday, Solana fell for the second straight session, dropping the token to its lowest level in twelve days. The move comes as sentiment in the cryptocurrency markets turned bearish ahead of tomorrow’s FOMC meeting. The near protocol was also lower, falling as much as 12% today.
Solana (SOL) was in the red for the second day in a row as prices approached a key support level.
On Tuesday, SOL/USD fell to an intraday low of $35.28, the lowest level the token has traded at since July 14.
The move pushed prices closer to the $32.40 support point that has been in place since mid-June.
This recent downtrend in Solana started exactly one week ago today as the $47 price ceiling was held after the bulls attempted to reach $50.
On closer inspection of the chart, this happened as another ceiling as price strength hit the 65.20 resistance point.
It was the highest reading the Relative Strength Index (RSI) has tracked since early April, as previous bulls failed to withstand the pressure needed for further gains.
SOL/USD may initially head towards the $32.40 level before we see the bulls preparing to return.
Near protocol (NEAR)
Like solana, the Near (NEAR) protocol increased recent losses during today’s session, with the token dropping as much as 12%.
After peaking at $4.08 earlier in the week, NEAR/USD dropped to a low of $3.59 earlier in the day.
This caused the token to drop to its lowest level since last Monday, June 18, when prices rose from a low of $3.50.
Today’s sell-off is almost completely back to this point and comes after last week’s failed breakout to the $5.00 region.
The price drop came as the 14-day RSI dropped below its own low at 46.80 and is now at 44.99.
Overall, NEAR is now trading more than 17% lower than at the same time last week, with all signs pointing to further declines in upcoming sessions.
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Will almost the protocol return to $5 in the next few weeks? Let us know your thoughts in the comments.
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Credit : news.bitcoin.com