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.
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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
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