Solana fell for the second consecutive session on Tuesday, pushing the token to its lowest level in 12 days. The move comes as sentiment in the crypto market turned bearish ahead of tomorrow’s FOMC meeting. Near-protocols were also low, dropping as much as 12% today.
Solana (SOL)
Solana (SOL) was in the red for a second straight day as prices approached key support levels.
On Tuesday, SOL/USD fell to an intraday low of $35.28, the lowest level the token has traded since July 14.
The move brought prices closer to the $32.40 support point, which has been in place since mid-June.
This recent downtrend in Solana began exactly one week ago today when the $47 price ceiling held firm after bulls tried to move to $50.
If you look closely at the chart, this was done as the price strength hit the resistance point at 65.20 and another ceiling was at it.
This was the highest value tracked by the Relative Strength Index (RSI) since early April, and the previous bullishness was unable to sustain the pressure needed for further upside.
SOL/USD could head for a floor of $32.40 first, and then we will see the bulls prepare for a re-entry.
Near protocol (NEAR)
Like solana, near protocol (NEAR) extended its recent losses in today’s session, with the token down 12%.
Following a peak of $4.08 earlier in the week, NEAR/USD fell to a low of $3.59 later in the day.
This means it has fallen to its lowest level since last Monday, June 18, when it rose from its then-low of $3.50
Today’s selloff follows last week’s failed breakout into the $5.00 area, pushing the near protocol back toward this point.
The price decline is attributed to the 14-day RSI slipping off its own floor at 46.80 and currently tracking at 44.99.
Overall, NEAR is now trading more than 17% lower than at the same point last week, and all signs point to further declines in the coming sessions.
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Image credits: Shutterstock, Pixabay, Wiki Commons
