SOL rose slightly on Tuesday as prices rebounded following its recent decline. The token bounced at a long-term support point earlier today and bulls entered the market; MATIC also moved higher, colliding with its own price ceiling.
Solana (SOL)
SOL is trading modestly higher in today’s session as prices rebounded after four days of declines.
The losing streak was halted when bulls entered the market at a support point near $32.65, pulling the price off its recent lows.
With Tuesday’s rally, SOL/USD hit an intraday peak of $35.64 and is now waiting to see if the bulls will continue to push prices higher.
Historically, this level is where the last three bull markets have been born, with prices usually rising toward the $40 ceiling.
Looking at the chart, the RSI is also bouncing at the bottom, and if the 10-day moving average extends its recent cross, a change in momentum may soon be in play.
At the time of this writing, the relative strength is hovering at 43.5, with a near-term upper limit at 45. If this point is passed, sentiment is likely to shift to the bullish side.
Polygon (MATIC)
SOL bounced off of support, while MATIC has hit resistance with a slight rise today.
After three consecutive sessions of lows, MATIC/USD rose to a high of $0.5964 on Tuesday.
At this peak, the token approached its recent ceiling at $0.5980, but then gave way as bulls took profits and exited their earlier positions.
At the time of this writing, MATIC is currently trading at $0.5683 and the 14-day Relative Strength Index is at 54.
Overall, MATIC’s momentum still appears bullish following the upward crossover between the 10-day and 25-day moving averages.
If this cross continues to mature, a breakout of the ceiling tested earlier today is inevitable.
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