Polygon fell to its lowest point since January earlier in today’s session as the overall sentiment in crypto markets remained bearish. Overall, the global market cap is now down 1.46% at the time of writing. Solana also fell on Thursday as the token neared a two-month low.
Polygon (MATIC) fell to its weakest point since January on Thursday as market sentiment remained bearish.
After a high of $1.11 on Wednesday, MATIC/USD moved to a low of $1.04 earlier in today’s session.
The last time the range traded at this level was on January 26, which is the last time the price was below $1.00.
Looking at the chart, this occurs when the 14-day Relative Strength Index (RSI) dropped to a long-term threshold of 35.00
At the time of writing, the index has since recovered and is at the 36.59 mark, with the next visible reference point at 42.00.
Overall, the bulls moved in to buy the earlier decline and at the time of writing MATIC is trading at $1.07.
Solana (SOL) was another victim of Thursday’s red wave as the token also fell to a multi-month low.
SOL/USD bottomed at $18.20 earlier today, which comes a day after hitting a high of $19.33.
Like the polygon, this selloff pushed the token to its weakest point since January, with prices now down over 15% in the past week.
Following the chart, the RSI is now tracking at 33.96, which is its weakest reading since the beginning of the year.
However, after seven days in the red, SOL has marginally recovered as it appears to have bottomed at the $18.50 mark.
If this floor holds firm in the coming days, then there is a good chance that the bulls will try to retake the $20.00 mark.
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What do you think is behind today’s selloff? Let us know your thoughts in the comments.
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