Polygon fell to its lowest since January early in today’s session as overall sentiment in the crypto market remained bearish. Overall, global market capitalization is down 1.46% at the time of writing; Solana also fell on Thursday as the token approached a two-month low.
Polygon (MATIC)
On Thursday, Polygon (MATIC) fell to its weakest point since January as market sentiment remained bearish.
After hitting a high of $1.11 on Wednesday, MATIC/USD moved to a bottom of $1.04 earlier in the session today.
The last time the polygon traded at this level was on January 26, the last time prices were below $1.00.
The chart shows that the Relative Strength Index (RSI) fell to a long-term bottom of 35.00
on the 14th.
As of this writing, the index has since rebounded and is at 36.59, with the next visible point at 42.00.
Overall, the bulls moved to buy the earlier dip, and at the time of writing, MATIC is trading at $1.07.
Solana (SOL)
Solana (SOL) was another victim of Thursday’s red wave, with the token also falling to multi-month lows.
SOL/USD found bottom at $18.20 earlier today, a day after staying at a high of $19.33.
Like the polygon, the sell-off pushed the token to its weakest point since January, with prices down more than 15% over the past week.
The RSI is at 33.96, the weakest value since the beginning of the year.
However, after 7 days in the red, SOL has rebounded slightly after seemingly finding a bottom at $18.50.
If this floor holds firm over the next few days, there is a good chance that the bulls will try to retake the $20.00 mark.
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Image credits: Shutterstock, Pixabay, Wiki Commons
