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SOL approached a 10-month low on Tuesday as bears returned to the crypto market during the session. After a strong start to the week, the market turned red and AVAX was another token victim of the latest red wave.
Solana (SOL)
SOL was back in the red on Tuesday after today’s sell-off brought it close to its lowest level since last August.
Following a peak of $42.99 earlier in the week, SOL/USD fell to an intraday low of $37.78 earlier today, which is roughly 11.50% lower than yesterday’s high.
Tuesday’s decline brought SOL back to a long-term support point at $38.10, just shy of the 10-month low below this floor at $35.50.
The chart shows a sell-off after a failed breakout attempt at the 39 level of the 14-day RSI indicator.
As seen from the indicator, this point has been acting as resistance for the past few weeks and has not moved above this mark since May 5.
Thus, SOL bulls are fighting off bears to prevent a full-scale break of $38.10, but a breakout is likely to occur if relative strength continues to decline.
Avalanche (AVAX)
AVAX was another notable move Tuesday as bearish pressure lowered the world’s 14th largest crypto token.
After hitting a high of $26.58, AVAX fell $3 in today’s session in less than 24 hours, dropping to a low of $23.24 in the process.
Similar to the SOL, today’s decline moved AVAX/USD to a support level, in this case a point at $22.70.
This level is also slightly above the 10-month low, with the AVAX low at $21.11, a low that came just two weeks ago.
Despite being close to this position, prices continue to consolidate, but it is possible that traders have already placed orders if they receive further bearish signals.
This is possible if the Relative Strength Index falls below 36.80, which appears to be a support point.
Image credits: Shutterstock, Pixabay, Wiki Commons
