Fun

Biggest Movers: AVAX, SOL Slip by 14% on Wednesday, as Prices Near 1-Week Low

News Feed - 2022-06-30 12:06:26

Biggest Movers: AVAX, SOL Slip by 14% on Wednesday, as Prices Near 1-Week Low


SOL was down by as much as 14% on Wednesday, as prices fell close to a one-week low earlier today. In addition to this, AVAX saw a similar decline, as the token dropped for a fourth consecutive session, with prices moving below $20. Solana (SOL)


SOL was lower in today’s session, as prices fell for a fourth straight session following a false breakout of the $40 level.


The world’s ninth largest cryptocurrency dropped to an intraday low of $34.24 in today’s session, which is its lowest point since June 23.


Wednesday’s six-day low comes less than 24-hours after prices were trading at a peak of $39.71. SOL/USD – Daily Chart


Despite today’s nearly 14% decline, SOL is currently only 3.9% lower than at the same point last week, when prices rose to a peak of $43.


Looking at the chart, SOL/USD is currently trading at $34.27, however we could be set to see further declines, as bears target the $30 mark.


However, in order to reach this point, price strength will have to fall below the support point on the 14-day RSI of 42.30.


Avalanche (AVAX)


AVAX was on a similar path to SOL on Wednesday, as prices also fell by as much as 14% in today’s session.


Following a peak of $20.48 on Tuesday, AVAX/USD plunged to an intraday low of $17.39 earlier in the day.


This drop saw the avalanche token fall for a fourth straight day, with prices now nearing its recent support point at $14.50. AVAX/USD – Daily Chart


The recent bear run commenced on Sunday, when prices attempted, but failed, to break out of the $21.90 resistance level.


Despite today’s drop in price, AVAX is still up nearly 3% from the same point last week, and as such, the 10-day moving average looks set for an upwards cross with the 25-day moving average.


Providing this occurs, and the 14-day RSI remains above its own floor at 40.40, then we might soon see prices back above $22. Tags in this story Analysis, Avalanche, AVAX, SOL, Solana


Where do you expect AVAX to be trading by the end of July? 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: BTC Falls Below $20,000 as U.S. Consumer Confidence Plunges  MARKET UPDATES | 11 hours ago Biggest Movers: XTZ, FLOW Reach Multi-Week Highs on Tuesday MARKET UPDATES | 1 day ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleFTX CEO Sam Bankman-Fried Warns More Crypto Company Insolvencies Are Coming Next articleLBank Exchange Will List Delio (DSP) on June 30, 2022 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 UAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse Iran to Increase Penalties for Unauthorized Cryptocurrency Mining Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether

News Feed

Prashant Jha3 hours agoDeFi ‘circuit breaker’ could slash hack losses by 70%: Finance RedefinedThe top 100 DeFi tokens had a mixed week. Most tokens traded in the same range as the previous week, with a minor bearish
‘Solana Season Is About To Return’ As Price Turns Key Resistance Into Support – Analyst
Este artículo también está disponible en español. Solana has captured the spotlight this week with its volatile price action, demonstrating resilience amidst market uncer
Michael Tabone9 hours agoBitcoin supercycle 2024: Is this the cycle to end them all?Dan Held’s Bitcoin supercycle hasn’t happened yet, but the factors might be right to see it play out sooner than most think.6048 Tot
PEPE Pumps 2.67% – Is The Memecoin Preparing For A Major Rebound?
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
Aave launches proposal to counter MakerDAO DAI expansion risk
Amaka Nwaokocha1 hour agoAave launches proposal to counter MakerDAO DAI expansion riskThe proposal aims to lower risks with minimal user impact, as only a tiny portion of DAI is collateral on Aave, and users can switch t
SportIcon Launches Innovative NFT Platform That Connects Fans With Exclusive Athlete Content
SportIcon Launches Innovative NFT Platform That Connects Fans With Exclusive Athlete Content press release PRESS RELEASE. NFTs have emerged as a unique digital asset in the past 24
Production of $2.7 Million-per-Episode: South Korean Crypto-Related TV Drama Series Is Set to Start in 2021
Production of $2.7 Million-per-Episode: South Korean Crypto-Related TV Drama Series Is Set to Start in 2021 A major South Korean TV series with crypto and blockc
Ethereum Flips Key Resistance Into Support – Can Bulls Reclaim $2,000 Level?
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
Coinbase Opts out of IPO Routine, Chooses Popular Direct Listing Route
Coinbase Opts out of IPO Routine, Chooses Popular Direct Listing Route The San Francisco-based cryptocurrency exchange Coinbase recently announced the company pl
Biden out, bull run in? Here’s what analysts think
Tom Mitchelhill5 hours agoBiden out, bull run in? Here’s what analysts thinkBiden’s sudden move to abandon the 2024 presidential race could be a “huge boost” for crypto assets, but it may be too soon to get excit
Bitcoin, Ethereum Technical Analysis: BTC Moves Below $40,000, Some Anticipating Drop to $30,000
Bitcoin, Ethereum Technical Analysis: BTC Moves Below $40,000, Some Anticipating Drop to $30,000 After a boost on Tuesday, following the release of U.S. inflation data, bitcoin pri
Bitmex Acquiring German Bank to Create ‘Regulated Crypto Powerhouse’ in Europe
Bitmex Acquiring German Bank to Create "Regulated Crypto Powerhouse" in Europe Crypto exchange Bitmex is acquiring a German bank to create “a regulated crypto powerhouse.&#x