The Crypto market fell across the board on Tuesday as bears re-entered the market after a strong rally on Monday; SOL was one of the tokens that fell, losing just over 10% of its value. NEAR also fell more than 10% during the session.
Solana (SOL)
SOL was one of the most notable tokens to fall during today’s session as the crypto market fell victim to the latest wave of weakness.
The world’s ninth largest cryptocurrency fell to an intraday low of $48.29 on Tuesday, following a peak of $54.25 the previous day.
As a result of this move, SOL/USD fell just below the $48.50 support level, with the bears winning for the second straight day.
The price of the Solana token has now consolidated for the past 12 days following a strong decline earlier in the month.
Looking at the chart, the Relative Strength Index (RSI) is currently tracking at a resistance point of 36.45, which has not been truly broken since May 3.
At the time of writing, the index resides at 34.64, the support point is around 33, and SOL is currently trading at $48.29, down 9.87% from yesterday’s high.
NEAR Protocol (NEAR)
NEAR has been demoted to #23 of the Top 25 cryptocurrencies after its price fell more than 10% during today’s session.
After hitting a high of $6.44 on Tuesday, NEAR/USD fell to an intraday low of $5.56 later in the day.
Like SOLANA, NEAR has also moved back toward the $5.60 support point, which is relatively close to the 11-month low of $3.57.
Bears may be eager to retake these lows, but prices are currently oversold and hovering near a floor of 28.
With the 14-day RSI currently at 30, we could see a move toward a floor, however, bulls may use this as an ideal point to “buy the dip.”
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