Solana, NEAR and AVAX were all trading over 20% lower on Wednesday as global crypto markets continued to fall on the hump day. The cryptocurrency’s market cap is currently down 6.35% as traders continue to digest the recent LUNA and UST price plunge.
Solana is down over 20% during Wednesday’s trading session as the bear market caused by LUNA’s crash continued to send shockwaves through markets.
After peaking at $70.90 on Tuesday, SOL/USD fell to a low of $49.69 earlier in the day.
This price drop is the largest one-day move this year and has taken SOL to its lowest level since August of last year.
Overall, prices have been in a downtrend since a failed breakout attempt above the $93 resistance point that occurred the day before the Fed rate decision.
Looking at the chart, the 14-day RSI reads off the charts and is currently tracking 24.87, which is the weakest level it has seen in almost five months.
Although earlier losses have eased, the price is still down 24.30% from yesterday’s high, with traders still looking for a stable support point.
Aside from LUNA, which is down over 90% in today’s session, AVAX was another notable move as it is down over 30% today.
The token fell to an intraday low of $27.85 on Wednesday after peaking at $48.52 during yesterday’s session.
As a result of this move, AVAX/USD fell to its lowest level in almost nine months as prices fell almost below $20.
Overall, AVAX is down over $70 since early April, with today’s bottom showing the lowest prices since last August.
Looking at the chart, the 14-day RSI is now hovering below 23, which is the weakest level this indicator has seen since AVAX’s inception.
Bulls will take advantage of the fact that prices are so oversold, but without a clear price floor, we could expect more uncertainty in the coming sessions.
Could We See AVAX Drop Below $20 This Week? Let us know your thoughts in the comments.
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