Fun

Biggest Movers: SOL, ADA Plunge, as Market Momentum Turns Bearish

News Feed - 2023-02-11 01:02:39

Biggest Movers: SOL, ADA Plunge, as Market Momentum Turns Bearish


Solana slipped to a three-week low on Feb.10, as momentum in cryptocurrency markets remained firmly bearish. At the time of writing this, the global market cap is trading 4.23% lower, with bears recapturing sentiment. Cardano was also on the decline, falling by as much as 8% today. Solana (SOL)


Solana (SOL) prices plunged during today’s session, which comes as bears have seemingly recaptured market sentiment.


Following a high of $22.90 on Thursday, SOL/USD moved to an intraday low at $20.20 earlier in the session.


This drop resulted in the token hitting its lowest point since January 19, when solana last collided with a floor at $20.00. SOL/USD – Daily Chart


Since hitting a peak of 87.67 on the 14-day relative strength index (RSI) back on January 13, price strength has consistently declined.


As a result of this, the index is now tracking at 44.21, which is its weakest point since January 2 when SOL was under $10.00.


Ultimately, this has its positives, as longer-term bulls may see this as a sign that prices are gradually moving in the right direction. Cardano (ADA)


Cardano (ADA) extended its own recent sell-off on Friday, with prices falling for a third straight session.


ADA/USD dropped to an intraday low of $0.3558 earlier today, which comes after prices peaked at $0.3896 on Thursday.


As a result of this drop, ADA slipped to its weakest point since January 25, breaking out of a floor at $0.3590 in the process. ADA/USD – Daily Chart


Since falling from this point of support, ADA has somewhat rallied, with bulls moving to buy the dip in price.


This took place as the RSI leveled out at a floor of 46.70, with cardano currently at $0.3611.


If this floor on the indicator continues to hold firm, there could be a rally over the week, with bulls re-entering the market.


Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story ada, Analysis, Cardano, SOL, Solana


Do you expect cardano rally once today’s sell-off has ceased? Let us know your thoughts in the comments. Eliman Dambell


Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder. Bitcoin Price Outlook for February MARKET UPDATES | 5 hours ago Bitcoin, Ethereum Technical Analysis: BTC, ETH Hit Multi-Week Low, as Sell-off Worsens MARKET UPDATES | 10 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleStablecoin Market in Flux: More Than $2 Billion in USDC Redemptions in 30 Days Next articleThree Arrows Capital Co-Founder Announces New Crypto Venture Open Exchange Amid Bankruptcy Controversy Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItCentral Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year


The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.NFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40% Iran to Increase Penalties for Unauthorized Cryptocurrency Mining

News Feed

Moonpay and Looksrare Partner to Bring Convenient NFT Purchasing to the Masses
Moonpay and Looksrare Partner to Bring Convenient NFT Purchasing to the Masses On Thursday, the fiat-to-crypto onramp business Moonpay announced a multi-year partnership with the n
Bitcoin Is About To See A Historically-Profitable Crossover In This Metric
Este artículo también está disponible en español. On-chain data shows the Bitcoin Puell Multiple is about to undergo a crossover that has historically been very bullish f
Ana Paula Pereira6 hours agoCurve’s crvUSD depegs as market reacts to shock eventsThe decentralized stablecoin is facing its first stress test since it was released in May, putting its PegKeeper algorithm to work.2998
How to store crypto assets in a self-custodial wallet
RK Subramanian13 hours agoHow to store crypto assets in a self-custodial walletDiscover the working pros, cons and step-by-step setup to gain control of your crypto assets via self-custodial wallets.906 Total views14 Tot
Generation Z and millennials choose crypto over stocks — Report
Nancy Lubale6 minutes agoGeneration Z and millennials choose crypto over stocks — ReportA recent survey by Policygenius found that one in five American adults own cryptocurrencies.14 Total viewsListen to article 0:00Ma
DBS Bank pilots blockchain-based government grants
Ezra Reguerra1 hour agoDBS Bank pilots blockchain-based government grantsThe blockchain-based solution builds on DBS Bank’s participation in Project Orchid, an effort by the Monetary Authority of Singapore to test the
Thailand launches regulatory sandbox to test crypto services
Helen Partz11 hours agoThailand launches regulatory sandbox to test crypto servicesThailand has been moving toward a more crypto-friendly stance throughout 2024, approving a Bitcoin ETF, initiating tax breaks for crypto
Laos Licenses 2 Cryptocurrency Trading Platforms
Laos Licenses 2 Cryptocurrency Trading Platforms The central bank of Laos has issued licenses to two cryptocurrency trading platforms. Lao Digital Assets Exchange (LDX) and Bitqik
Ripple ‘would certainly welcome’ an XRP ETF: Brad Garlinghouse
Ezra Reguerra11 hours agoRipple ‘would certainly welcome’ an XRP ETF: Brad GarlinghouseRipple CEO Brad Garlinghouse said that “it only makes sense” to have different ETFs, as investors would want to diversify the
PayPal’s Axing of Pornhub Model Payments May Boost Crypto Conversions
Top adult entertainment site Pornhub may expand the range of cryptocurrencies it offers to pay performers for their work after PayPal abruptly cut off service. “We currently p
Savannah Fortis15 hours agoItalian regulators investigate online AI data scrapingThe Italian Data Protection Authority has launched a “fact-finding” probe into the security practices of public and private websites to
Crypto PACs are spending big on US elections — What it means for the industry
Robert D. Knight10 hours agoCrypto PACs are spending big on US elections — What it means for the industryPolitical action committees supporting the cryptocurrency industry are raising hundreds of millions of dollars.66