Polygon fell to a six-week low on Tuesday, with sentiment in cryptocurrency markets remaining bearish. The price plunged as consumer confidence in the United States fell by more than expected, coming in at a reading of 101.3 in April. Solana also slipped, hitting a two-week low.
Biggest Movers: MATIC Slides to 6-Week Low, as SOL Extends Declines
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Polygon (MATIC)
Polygon (MATIC) dropped to a six-week low on Tuesday, as sentiment in cryptocurrency markets remained bearish.
MATIC/USD dropped for a third straight session, hitting an intraday low of $0.9633 in the process.
The move came less than a day after polygon was trading at a peak of $1.01, with today’s fall sending it to its weakest point since March 10.
As a result of the sell-off, it appears that MATIC bears are targeting a floor at the $0.95 mark.
From the chart, one of the catalysts for the drop seems to be a breakout that occurred on the relative strength index ( RSI).
The index fell below a floor at 32.00, and is currently tracking at 31.13, which is its lowest reading since last June.
Solana ( SOL)
Solana ( SOL) was another notable mover on Tuesday, as the token moved closer to a floor at $20.00.
Following a high of $21.95 to start the week, SOL/USD dropped to a low of $20.92 earlier in today’s session.
Today’s slippage sent solana to its lowest level since April 11, when price fell to a bottom at $20.83.
At the time of writing, SOL has somewhat risen from its earlier low, and is currently trading at $20.95.
In addition to this, the RSI indicator continues to track near a floor at 42.00, with a present reading of 42.66.
Should it fall below this point of support, it is highly likely that solana will drop below $20.00.
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Will solana begin May trading below $20.00? Let us know your thoughts in the comments.
