SOL hit a ten-month low on Tuesday, after the crypto markets bounced back during the session. After a strong start to the week, the market turned red, with AVAX being another coin to fall victim to the latest red wave.
SOL was again in the red on Tuesday as today’s selloff pushed prices to their lowest level since August last year.
After peaking at $42.99 at the start of the week, SOL/USD slipped to today’s intraday low of $37.78, down about 11.50% from yesterday’s high.
Tuesday’s decline sent the SOL back towards its long-term support point of $38.10, and slightly closer to its ten-month low of $35.50 from this floor.
Looking at the charts, a selloff occurred after a failed breakout attempt at 39 level on the 14-day RSI indicator.
As seen from the index, this point has acted as a resistance level in recent weeks, and has not moved beyond that mark since May 5.
So far, the SOL bulls have fought against the bears to prevent a complete break above the $38.10 floor, although a breakout is likely if the relative strength continues to decline.
AVAX was another notable mover on Tuesday, as bearish pressure sent the world’s fourteenth largest crypto token down.
Less than 24 hours after reaching the high of $26.58, AVAX fell $3 in today’s session, dropping to a low of $23.24 in the process.
Like the SOL, today’s price drop saw AVAX/USD moving to the support level, in this example the $22.70 point.
This level is also slightly above the ten-month low of $21.11 for AVAX it hit two weeks ago.
Despite this position being so close, prices continue to consolidate, although it is likely that traders have already placed orders if they see any further bearish signals.
This could happen when the relative strength index dips below 36.80, which appears to be a point of support.
Could we see new multi-month lows in both AVAX and SOL this week? Let us know your thoughts in the comments.
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