Solana was back in the red on Thursday, with the token falling toward a three-month low in today’s session. This decline is attributed to the cryptocurrency market falling, trading as much as 2.39% at the time of writing. Litecoin was the notable exception, rising for the second consecutive session.
Solana (SOL)
Solana (SOL) fell over 5% in Thursday’s session as prices approached a multi-month low.
After hitting a high of $32.38 on Wednesday, SOL/USD fell to a low of $30.51 later in the day.
The drop also brought SOL closer to its $29.90 bottom, the lowest level since June 18, when the price dropped to $26.90.
The solana has fallen sharply in the last month, peaking at $48.32 on August 13 and hitting a low of $29.91 on August 29.
The Relative Strength Index remains in oversold territory, and bearish sentiment appears to have carried over into September.
At the time of this writing, it is at 33.82, close to the lower limit of 32.32. A hit of this support would likely retake the June low.
Litecoin (LTC)
While Solana fell, Litecoin (LTC) traded higher on Thursday, extending the token’s recent rally.
LTC/USD rose to a high of $56.50 early in today’s session, moving away from Tuesday’s low of $51.85, where the token hit a two-month bottom.
Prices then rose in successive sessions, with today’s surge bringing prices closer to a key resistance point.
As Litecoin approached the $57.00 ceiling, price uncertainty was insured and bulls secured profits as opposed to maintaining positions.
For this reason,LTCis now trading at $55.40, more than $1.00 lower than its earlier peak today.
The reason for this is that the RSI has hit an obstacle, the resistance point at 47.25.
LTCwill have to overcome this hurdle if the bulls are looking for further upside.
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