Solana, NEAR and AVAX traded more than 20% lower on Wednesday as global cryptocurrency markets continued to fall on hump day. Cryptocurrency market capital is now down 6.35% as traders continued to digest the recent collapse in LUNA and UST prices.
Solana fell more than 20% during Wednesday’s trading session as the bear market caused by the LUNA crash continued to send shock waves through the markets.
After trading at a peak of $70.90 on Tuesday, SOL/USD fell to a low of $49.69 early in the day.
This price drop is the biggest one-day move of the year and brought SOL to its lowest level since last August.
In general, prices have been in a downtrend since the failed attempt to break the $93 resistance point the day before the Fed’s rate decision.
Looking at the chart, the 14-day RSI is off the chart and is currently at 24.87, which is the weakest level in nearly five months.
Despite weakening losses, the price is still down 24.30% from yesterday’s peak, and traders are still looking for a stable support point.
In addition to LUNA, which was down more than 90% in today’s session, another notable move was AVAX, which was down more than 30% today.
The token fell to an intraday low of $27.85 on Wednesday, after peaking at $48.52 during yesterday’s session.
The move saw AVAX/USD fall to its lowest level in nearly nine months as prices nearly dipped below $20.
Overall, AVAX is down more than $70 since early April, with today’s bottom being the lowest price level since last August.
Looking at the chart, the 14-day RSI is now below the 23 mark, which is the weakest level AVAX has ever seen.
The bulls will use the fact that prices are so deeply oversold as a positive, but without a clear price bottom we may see more uncertainty in the coming sessions.
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