Monday, July 22, 2024

Biggest Movers: MATIC Rebounds, as SOL Falls Back Towards Support

Polygon climbed higher in today’s session, as cryptocurrency markets marginally rebounded on Wednesday. The global crypto market cap was up by nearly 1% earlier in the day, as Tuesday’s losses eased. Solana, on the other hand, remained lower, as it fell towards a key price floor.

Polygon (MATIC)

Polygon (MATIC) edged higher on Wednesday, as the token moved away from a recent point of support.

Following a low at $0.954 on Tuesday, MATIC/USD jumped to a peak of $0.9925 earlier in today’s session.

As a result of the move, polygon bounced from a recent price floor of $0.950, after recently falling to a multi-week low.

MATIC/USD – Daily Chart

Looking at the chart, Wednesday’s surge led to the relative strength index (RSI) colliding with a long-term ceiling of 40.00.

At the time of writing, the index is tracking at 39.22, with MATIC at a level of $0.9813.

Despite earlier gains easing, there is still optimism that polygon could climb back above $1.00 this week.

Solana (SOL)

On the other hand, solana (SOL) remained in the red, as the token moved back towards a recent price floor.

SOL/USD retreated to a low of $21.36 earlier in today’s session, less than 24 hours after the token traded at a high of $22.37.

Wednesday’s drop in price has sent SOL close to its long-term support point at $21.00, which was last hit a week ago.

SOL/USD – Daily Chart

From the chart, it appears that today’s decline came as the RSI made a move for its own floor at 45.00

As of writing, price strength is tracking at 45.17, with bears likely to push for a breakout in the coming hours.

Should this occur, there is a chance that SOL could move closer to $20.00 in the coming days.

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Do yo expect solana to hit $20.00 this week? Let us know your thoughts in the comments.

Eliman Dambell

Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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