Biggest Movers: SOL, ADA Plunge as Market Momentum Turns Bearish
Solana (SOL) prices recorded a decline in today’s session as it comes to regain market sentiment and after Thursday’s high of $22.90, 1% of SOL/USD $20.20 earlier in the session. Slipped to the low of the day and as a result of this decline we can see the coin reach its lowest point since January 19th, when Solana last hit the $20.00 floor. The 14-day Relative Strength Index (RSI) recovered from a peak of 87.67 on January 13. Since then, its value has registered a strong decline. As a result, the index is now tracking at 44.21, which is its weakest point since January 2 when SOL was below $10.00. Lastly, this has its positive side as in the long term the bulls can take this as a sign that the price is slowly moving in the right direction. Cardano (ADA) extended its recent selloff on Friday, with prices declining for the third consecutive session.
ADA/USD fell to a low of $0.3558 earlier today which comes after its price peaked at $0.3896 on Thursday. Following this decline, ADA slid to its weakest point since January 25 and in the process definitely broke the bottom of $0.3590. ADA has been holding back somewhat since this point of support declined, with bulls moving to buy the price lower. This happened after the Relative Strength Index bottomed out at 46.70, while Cardano is currently at $0.3611. If this floor on the indicator remains feminine then there could be a re-entry for the bulls into the markets as well as a rally during the week.
