Take a fresh look at your lifestyle.

Biggest Movers: SOL Snaps Recent Losing Streak, as MATIC Moves Towards Resistance


SOL was slightly higher on Tuesday, as prices rebounded following recent declines. The token bounced on its long-term support point earlier today, as bulls entered the market. MATIC also moved higher, colliding with its own price ceiling.

Solana (SOL)

SOL was trading marginally higher in today’s session, as prices rebounded following a four-day losing streak.

This streak was snapped as bulls entered the market close to a support point of $32.65, pushing prices away from recent lows.

Tuesday’s rally saw SOL/USD hit an intraday peak of $35.64, with some now waiting to see if bulls will continue to push prices upwards.

Biggest Movers: SOL Snaps Recent Losing Streak, as MATIC Moves Towards Resistance
SOL/USD – Daily Chart

Historically, this current level has seen the birth of the last three bull runs, which typically take prices towards a ceiling of $40.

Looking at the chart, with the RSI also bouncing on a floor of its own, there could soon be a shift in momentum, which would show should the 10-day moving average extend its recent cross.

As of writing, relative strength is tracking at 43.5, with a short-term ceiling nearby at 45. Should this point be passed, sentiment will likely have shifted towards the side of the bulls.

Polygon (MATIC)

Whilst SOL was bouncing from a support point, MATIC was colliding with a resistance level following today’s marginal gains.

Following three consecutive sessions of lower lows, MATIC/USD rose to a high of $0.5964 on Tuesday.

This peak saw the token move close to its recent ceiling at $0.5980, however it has since given way, as bulls likely secured gains and exited earlier positions.

Biggest Movers: SOL Snaps Recent Losing Streak, as MATIC Moves Towards Resistance
MATIC/USD – Daily Chart

As of writing, MATIC is now trading at $0.5683, with the 14-day Relative Strength Index tracking at 54.

Overall, momentum in MATIC still appears to be bullish, following the upwards crossover between the 10-day and 25-day moving averages.

Should this cross continue to mature, then a breakout of the ceiling which was tested earlier today is inevitable.

Could MATIC go to as high as $0.80 this month? Let us know your thoughts in the comments.

Eliman Dambell

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.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More