SOL was down by as much as 14% on Wednesday, as prices fell close to a one-week low earlier today. In addition to this, AVAX saw a similar decline, as the token dropped for a fourth consecutive session, with prices moving below $20.
SOL was lower in today’s session, as prices fell for a fourth straight session following a false breakout of the $40 level.
The world’s ninth largest cryptocurrency dropped to an intraday low of $34.24 in today’s session, which is its lowest point since June 23.
Wednesday’s six-day low comes less than 24-hours after prices were trading at a peak of $39.71.
Despite today’s nearly 14% decline, SOL is currently only 3.9% lower than at the same point last week, when prices rose to a peak of $43.
Looking at the chart, SOL/USD is currently trading at $34.27, however we could be set to see further declines, as bears target the $30 mark.
However, in order to reach this point, price strength will have to fall below the support point on the 14-day RSI of 42.30.
AVAX was on a similar path to SOL on Wednesday, as prices also fell by as much as 14% in today’s session.
Following a peak of $20.48 on Tuesday, AVAX/USD plunged to an intraday low of $17.39 earlier in the day.
This drop saw the avalanche token fall for a fourth straight day, with prices now nearing its recent support point at $14.50.
The recent bear run commenced on Sunday, when prices attempted, but failed, to break out of the $21.90 resistance level.
Despite today’s drop in price, AVAX is still up nearly 3% from the same point last week, and as such, the 10-day moving average looks set for an upwards cross with the 25-day moving average.
Providing this occurs, and the 14-day RSI remains above its own floor at 40.40, then we might soon see prices back above $22.
Where do you expect AVAX to be trading by the end of July? Let us know your thoughts in the comments.
Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.
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