SOL fell as much as 14% on Wednesday as prices approached a one-week low earlier today. This was in addition to a similar decline in AVAX, as the token fell for the fourth consecutive session, with prices hovering below $20.
Solana (SOL)
SOL was lower in today’s session as prices fell for the fourth consecutive session following a false breakout at the $40 level.
The world’s ninth-largest cryptocurrency fell to an intraday low of $34.24 in today’s session, its lowest since June 23.
Wednesday’s six-day low occurs less than 24 hours after prices were trading at a peak of $39.71.
Despite today’s nearly 14% decline, SOL is now 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, but may see further declines as the bears target the $30 mark.
But to reach this point, price strength would need to drop below the 14-day RSI support point at 42.30.
Avalanche (AVAX)
AVAX is on a similar path to Wednesday’s SOL, with prices also down 14% in today’s session.
After peaking at $20.48 on Tuesday, AVAX/USD plunged to an intraday low of $17.39 later in the day.
The drop has sent the avalanche token down for a fourth straight day, with prices now approaching a recent support point of $14.50.
The recent bear market started Sunday with an attempt to break through the $21.90 resistance level but failed.
Despite today’s price drop, the AVAX is up nearly 3% from the same point last week, so the 10-day moving average appears to be intersecting upward with the 25-day moving average.
If this occurs and the 14-day RSI remains above its own floor at 40.40, we may soon see prices back above $22.
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