Shiba inu fell to a four-month low on Thursday, as consumer prices in the United States rose by more than expected. U.S. inflation came in at 8.2% in September, which is higher than the 8.1% consensus expectation. Solana was in the red as well, as the token also hit a multi-month low.
Biggest Movers: SHIB, SOL Fall to 4-Month Lows, US Inflation Higher Than Expected
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Shiba Inu ( SHIB)
Shiba inu ( SHIB) dropped to a four-month low on Thursday, as markets reacted to the latest U.S. inflation report.
Consumer prices climbed to 8.2% year-on-year in September, which is higher than expectations of 8.1%.
As a result of this, SHIB/USD fell to an intraday low of $0.000009385, which is nearly 8% lower than yesterday’s high of $0.00001025.
Today’s bottom is the lowest level that the meme coin has traded at since June 21, and the low comes as a key support point was broken.
SHIB moved below its floor of $0.00000980, as the 14-day relative strength index ( RSI) also moved under a support level.
The index is currently tracking at 29.33, which sees price strength deep in oversold territory.
Solana ( SOL)
Solana ( SOL) bulls were also mostly slaughtered in today’s session, as the token fell to its lowest point since June.
Following a high of $31.28 on Thursday, SOL/USD slipped to an intraday low of $28.20 earlier in the day.
The move saw the solana fall below a floor of $30.40, hitting its weakest point since June 18 as a result.
As seen on the chart, this latest decline pushed the 10-day (red) moving average to cross over below its 25-day (blue) counterpart.
Typically, this is a sign of bearish sentiment, and could mean that solana may be heading for further drops.
As of writing, the RSI is tracking near a floor of 34.00, and should this point be broken, bears will likely add to the sell-off.
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