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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

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