Fun

Biggest Movers:  SOL, NEAR, and AVAX Drop More Than 20% Lower on Wednesday

News Feed - 2022-05-12 03:05:01

Biggest Movers:  SOL, NEAR, and AVAX Drop More Than 20% Lower on Wednesday


Solana, NEAR and AVAX were all trading over 20% lower on Wednesday, as global crypto markets continued to fall on hump-day. The cryptocurrency market cap is currently down 6.35%, as traders continued to digest the recent crash in the price of LUNA and UST. Solana (SOL)


Solana was down by over 20% during Wednesday’s trading session, as the bear market caused by the crash in LUNA continued to send shock waves through the markets.


After trading at a peak of $70.90 on Tuesday, SOL/USD dropped to a low of $49.69 earlier in the day.


This drop in price is the biggest one day move this year, and has sent SOL to its lowest level since August last year. SOL/USD – Daily Chart


Overall, prices have been on a downward trend since a failed breakout attempt of the $93 resistance point, which came the day before the Fed rate decision.


Looking at the chart, the 14-day RSI is reading off the charts, and is currently tracking at 24.87, which is the weakest level it has recorded in nearly five months.


Despite earlier losses easing, price was still down 24.30% from yesterday’s peak, with traders still looking to find a stable support point.


Avalanche (AVAX)


Aside from LUNA, which fell by over 90% in today’s session, AVAX was another notable mover, as it dropped by over 30% today.


The token fell to an intraday low of $27.85 on Wednesday, following a peak of $48.52 during yesterday’s session.


As a result of the move, AVAX/USD fell to its lowest level in nearly nine months, as prices almost dropped below $20. AVAX/USD – Daily Chart


Overall, AVAX has dropped by over $70 since the start of April, with today’s floor the lowest level prices have been since last August.


Looking at the chart, the 14-day RSI is now tracking below 23, which is the weakest level this indicator has hit since the inception of AVAX.


Bulls will use the fact that prices are so deeply oversold as a positive, however with no clear price floor, we may see more uncertainty to come in upcoming sessions. Tags in this story Analysis, AVAX, NEAR, SOL, Solana


Could we see AVAX break below $20 this week? Let us know your thoughts in the comments. Eliman Dambell


Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX. Bitcoin, Ethereum Technical Analysis: ETH Bounces Back, up 2%, While BTC Climbs Above $30,000 MARKET UPDATES | 10 hours ago Biggest Movers: LUNA Loses 50% of Its Value, While XMR and AXS Declines Continue MARKET UPDATES | 1 day ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleTerra Fiasco Stirs Value Locked in Defi — Lido, Anchor Plummet to Lower Positions Next articleIndependent Russian News Site Meduza Raises Over $200,000 in Crypto 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 ItArgentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments


The National Securities Commission (CNV), which is the Argentinian securities watchdog, recently launched an innovation hub with the goal of advancing conversations about cryptocurrency and fintech investments. This organization will serve as a link between private entities and the institution, ... read more.UAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing Microbt Reveals Latest Bitcoin Mining Rigs — Machines Produce up to 126 TH/s With Custom 5nm Chip Design Terra"s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin

News Feed

Ethereum Price Headed For Crash To $2,000 With Current Price Action
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Amaka Nwaokocha11 hours agoCosmos Hub greenlights ATOM inflation cut for security boostThe proposal narrowly passed, with 41.1% of votes for and 38.5% of votes against.3729 Total views7 Total sharesListen to article 0:00
DePINs are a proven path to crypto mass adoption — XYO co-founder
Jonathan DeYoung12 hours agoDePINs are a proven path to crypto mass adoption — XYO co-founderXYO co-founder Markus Levin argues that DePINs can make AI more trustworthy, empower users and businesses alike, and usher in
Ezra Reguerra3 hours agoNFT sales jump to $129M, OpenSea layoffs and Elon Musk slams NFTs: Nifty NewsletterElon Musk slams NFTs on the Joe Rogan podcast only to unintentionally make the case for Bitcoin Ordinals.551 Tota
Biggest Movers: ATOM Climbs to Highest Point Since May, While SOL Rises by Over 10%
Biggest Movers: ATOM Climbs to Highest Point Since May, While SOL Rises by Over 10% Cosmos rose to its highest point since May earlier in today’s session, as crypto markets
AMC Theatres Considers Accepting Shiba Inu Alongside Dogecoin as SHIB Popularity Soars
AMC Theatres Considers Accepting Shiba Inu Alongside Dogecoin as SHIB Popularity Soars The CEO of the world’s largest movie exhibition company, AMC Entertainment, is asking
Brayden Lindrea7 hours agoCrypto investors cool on Bitcoin funds, turning to Ether and XRPBitcoin-related funds saw outflows of $13 million over the past week, reversing five weeks of bullish inflows, according to Coinsh
Tristan Greene3 hours agoChatGPT and Claude are ‘becoming capable of tackling real-world missions,’ say scientistsThe scientists developed a tool called "AgentBench" to benchmark LLM models as agents.705 To
Not So Private: 99% of Zcash and Dash Transactions Traceable, Says Chainalysis
Not So Private: 99% of Zcash and Dash Transactions Traceable, Says ChainalysisChainalysis says it can track 99% of transactions involving Zcash, and almost all of Dash’s &ndas
Bitcoin Raging Bull Indicator Turns Back On, But This Level Holds The Key
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
ECB to Decide Whether to Issue Digital Euro in 2023
ECB to Decide Whether to Issue Digital Euro in 2023 The European Central Bank (ECB) has published a new report on the progress of its investigation into the possible launch of a di
Zugacoin Controversy: Supposed Poverty Eradicating Cryptocurrency Criticized as Just Another Complex Nigerian Ponzi Scheme
Zugacoin Controversy: Supposed Poverty Eradicating Cryptocurrency Criticized as Just Another Complex Nigerian Ponzi Scheme After reports that merchants and holders of “Zugac