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 (SOL)

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.

Biggest Gainers: SOL, NEAR and AVAX all fall more than 20% on Wednesday
SOL/USD – daily chart

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.

Avalanche (AVAX)

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.

Biggest Gainers: SOL, NEAR and AVAX all fall more than 20% on Wednesday
AVAX/USD – daily chart

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.

Eliman Damell

Eliman brings an eclectic perspective to market analysis, having worked as a broker director, retail educator, and market commentator for crypto, stocks, and forex.

photo credit: Shutterstock, Pixabay, WikiCommons

Disclaimer: This article is for informational purposes only. It is not a direct offer, or a solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service, or company. does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

What's your reaction?
Leave a Comment