Solana rebounded from a two-month low to start the weekend as bulls re-entered the market to buy the recent dip. Overall, the global crypto market cap is now trading 1.8% higher after falling nearly 10% on Friday; Polygon was another notable move as prices rose nearly 7% on Saturday.
Solana (SOL)
Solana started the weekend in the green as bulls reappeared following Friday’s red wave.
After hitting a low of $16.19 in yesterday’s session, SOL/USD moved to an intraday peak of $18.85 on Saturday.
The move would take the Solana above its recent low of $17.30 and in the process move it away from its weakest point since January 13.
Looking at the chart, this is helped by the Relative Strength Index (RSI) finding a support point at the 30.00 level.
At the time of this writing, the index is at 32.85, and despite the rebound, the bearish area remains deep.
Momentum at the 10-day moving average (red) continues to trend lower and further turbulence is possible.
Polygon (MATIC)
In addition to Solana, Polygon (MATIC) rebounded from multi-month lows in Saturday’s session.
MATIC/USD surged nearly 7% to a high of $1.09 early in the morning after falling to $0.9545 on Friday.
This is the lowest price for the token since the last week of January, and the price strength led to a move deeper into bear territory.
MATIC’s RSI is currently tracking at 35.00 after moving to 32.00 during yesterday’s session.
Overall, polygons have fallen nearly 12% in the last week, however, seem to be on course to find a floor.
In this case, long-term bulls could rush in to buy the current dip.
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Image Credits: Shutterstock, Pixabay, Wiki Commons, sdx15 / Shutterstock.com.
