Friday, 10 March 2023

Biggest Movers: MATIC, SOL Fall to Lowest Point Since January

by Berkeley Lovelace

Biggest Movers: MATIC, SOL Fall to Lowest Point Since January

Polygon fell to its lowest point since January earlier in today’s session, as overall sentiment in crypto markets remained bearish. Overall, the global market cap is now down 1.46% as of writing. Solana also slipped on Thursday, as the token neared a two-month low.

Polygon (MATIC)

Thursday saw polygon (MATIC) drop to its weakest point since January, as sentiment in the market remained bearish.

Following a high of $1.11 on Wednesday, MATIC/USD moved to a bottom at $1.04 earlier in today’s session.

The last time polygon traded at this level was back on January 26, which is the last time price was under $1.00.

Looking at the chart, this comes as the relative strength index (RSI) of 14 days fell to a long-term floor at 35.00

As of writing, the index has since rebounded and is at the 36.59 mark, with the next visible point of reference being 42.00.

Overall, bulls have moved in to buy the earlier dip, and as of writing MATIC is trading at $1.07.

Solana (SOL)

Solana (SOL) was another victim of Thursday’s red wave, as the token also fell to a multi-month low.

SOL/USD found a bottom at $18.20 earlier today, which comes a day after it resided at a high of $19.33.

Similar to polygon, this sell-off pushed the token to its weakest point since January, with prices now down by over 15% in the past week.

Honing in on the chart, the RSI is now tracking at 33.96, which is its weakest reading since the start of the year.

However, after seven days in the red, SOL has marginally rebounded, after appearing to find a floor at the $18.50 mark.

Should this floor hold firm in the coming days, then there is a good chance that bulls could attempt to recapture the $20.00 mark.

Register your email here to get weekly price analysis updates sent to your inbox:

What do you believe is behind today’s sell-off? Let us know your thoughts in the comments.