Polygon (MATIC)
Polygon’s (MATIC) trading price recorded a major dip on Thursday, as its value hit the lowest point that it had not come close to since January.
The downtrend was recorded as the sentiments of the investors were not high at all. They were not confident about the movement of MATIC in the future, so they did not support it to its full potential.
With the sentiments of the investors being bearish, not many investments were made into the asset. This eventually ended up bringing the trading price of MATIC to a very low level.
On Wednesday, the investors were glad to see the trading price of ETH at a higher level. They could see ETH trading at a high of $1.11 until the bearish trend kicked in.
As the bearish trend kicked in, the trading price of MATIC plunged to a low of $1.04. It was back on January 26 when the trading price of MATIC had hit a level that was lower than $1.04 when it fell below $1.00.
Due to the recent dip, RSI for MATIC had also steered downwards. It had reportedly fallen below 35.00 but has witnessed a recovery since the fall. As of now, the RSI for MATIC is at 36.59.
The resistance level for the RSI is currently at 42.00 and it would require a great level of bullish resilience to push it higher.
The upward movement of the RSI suggests that a bullish trend is forming and the bulls are ready to acquire more MATIC. They have increased their buying efforts and that would support the asset in the long term.
A small-level rally is already in place and that would eventually help push MATIC’s price over the $1.10 mark. At the time of writing, the trading price of MATIC sits at $1.07.
Solana (SOL)
Solana has become another victim of the bearish trend. On Thursday, the trading price of SOL entered the red zone and the waves have drifted away from the bullish horizon.
The asset has become the victim of a bearish trend that has hit the entire cryptocurrency industry. The situation has turned bearish for the asset and it is still in the red zone.
The report shows that due to the recent downtrend, the trading price of the asset has fallen to a lower level. According to data, the value of SOL has hit a multi-month low.
Things looked fine for SOL on Wednesday until it entered Thursday. This is when the trading price of SOL started to decline.
When the selling spree began, the trading price of SOL was at a high of $19.33. As the Thursday trading day reached its peak, its trading price fell to a low of $18.20.
Just like Polygon, the trading price of Solana has continued experiencing a selling spree. Due to the recent selling, the asset has reached its weak level.
January was the month when the entire crypto market’s valuation started to steer upwards. However, as January had begun, the value of the tokens was at lower levels.
Solana was moving in the bearish zone prior to the January surge and that is when it hit a level that was lower than SOL’s recent bottom price.
The price chart shows that in the past 7 days, the trading price of SOL has plunged more than 15%.
At the moment, the relative strength index for SOL is at 33.96 and this is the weakest level that it has hit throughout the running year.
The trading price of SOL has surged ever since it hit the bottom level. As of now, the price of the asset has rebounded to a high of $18.50. This is right above the floor price that the asset had recently hit.
If the rebound continues and things keep moving in the right direction, the asset’s price may surge to a high of $20.00.
