{"id":20218,"date":"2023-04-25T15:24:52","date_gmt":"2023-04-25T15:24:52","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/matic-slides-to-6-week-low-as-sol-extends-declines-market-updates-bitcoin-news\/"},"modified":"2023-04-25T15:24:52","modified_gmt":"2023-04-25T15:24:52","slug":"matic-slides-to-6-week-low-as-sol-extends-declines-market-updates-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/matic-slides-to-6-week-low-as-sol-extends-declines-market-updates-bitcoin-news\/","title":{"rendered":"MATIC Slides to 6-Week Low, as SOL Extends Declines \u2013 Market Updates Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Polygon fell to a six-week low on Tuesday, with sentiment in cryptocurrency markets remaining bearish. The price plunged as consumer confidence in the United States fell by more than expected, coming in at a reading of 101.3 in April. Solana also slipped, hitting a two-week low.<\/strong><\/p>\n

Polygon (MATIC)<\/h2>\n

Polygon (MATIC) dropped to a six-week low on Tuesday, as sentiment in cryptocurrency markets remained bearish.<\/p>\n

MATIC\/USD dropped for a third straight session, hitting an intraday low of $0.9633 in the process.<\/p>\n

The move came less than a day after polygon was trading at a peak of $1.01, with today\u2019s fall sending it to its weakest point since March 10.<\/p>\n

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MATIC\/USD \u2013 Daily Chart<\/figcaption><\/figure>\n

As a result of the sell-off, it appears that MATIC bears are targeting a floor at the $0.95 mark.<\/p>\n

From the chart, one of the catalysts for the drop seems to be a breakout that occurred on the relative strength index (RSI).<\/p>\n

The index fell below a floor at 32.00, and is currently tracking at 31.13, which is its lowest reading since last June.<\/p>\n

Solana (SOL)<\/h2>\n

Solana (SOL) was another notable mover on Tuesday, as the token moved closer to a floor at $20.00.<\/p>\n

Following a high of $21.95 to start the week, SOL\/USD dropped to a low of $20.92 earlier in today\u2019s session.<\/p>\n

Today\u2019s slippage sent solana to its lowest level since April 11, when price fell to a bottom at $20.83.<\/p>\n

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SOL\/USD \u2013 Daily Chart<\/figcaption><\/figure>\n

At the time of writing, SOL has somewhat risen from its earlier low, and is currently trading at $20.95.<\/p>\n

In addition to this, the RSI indicator continues to track near a floor at 42.00, with a present reading of 42.66.<\/p>\n

Should it fall below this point of support, it is highly likely that solana will drop below $20.00.<\/p>\n

Register your email here to get weekly price analysis updates sent to your inbox:<\/em><\/p>\n

Will solana begin May trading below $20.00? Let us know your thoughts in the comments.<\/strong><\/em><\/p>\n

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\nEliman Dambell <\/h6>\n

\nEliman 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.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons, Vladimka production \/ Shutterstock.com<\/em><\/p>\n

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