{"id":20527,"date":"2023-05-03T16:39:32","date_gmt":"2023-05-03T16:39:32","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/matic-rebounds-as-sol-falls-back-towards-support-market-updates-bitcoin-news\/"},"modified":"2023-05-03T16:39:32","modified_gmt":"2023-05-03T16:39:32","slug":"matic-rebounds-as-sol-falls-back-towards-support-market-updates-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/matic-rebounds-as-sol-falls-back-towards-support-market-updates-bitcoin-news\/","title":{"rendered":"MATIC Rebounds, as SOL Falls Back Towards Support \u2013 Market Updates Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Polygon climbed higher in today\u2019s session, as cryptocurrency markets marginally rebounded on Wednesday. The global crypto market cap was up by nearly 1% earlier in the day, as Tuesday\u2019s losses eased. Solana, on the other hand, remained lower, as it fell towards a key price floor.<\/strong><\/p>\n

Polygon (MATIC)<\/h2>\n

Polygon (MATIC) edged higher on Wednesday, as the token moved away from a recent point of support.<\/p>\n

Following a low at $0.954 on Tuesday, MATIC\/USD jumped to a peak of $0.9925 earlier in today\u2019s session.<\/p>\n

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

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

Looking at the chart, Wednesday\u2019s surge led to the relative strength index (RSI) colliding with a long-term ceiling of 40.00.<\/p>\n

At the time of writing, the index is tracking at 39.22, with MATIC at a level of $0.9813.<\/p>\n

Despite earlier gains easing, there is still optimism that polygon could climb back above $1.00 this week.<\/p>\n

Solana (SOL)<\/h2>\n

On the other hand, solana (SOL) remained in the red, as the token moved back towards a recent price floor.<\/p>\n

SOL\/USD retreated to a low of $21.36 earlier in today\u2019s session, less than 24 hours after the token traded at a high of $22.37.<\/p>\n

Wednesday\u2019s drop in price has sent SOL close to its long-term support point at $21.00, which was last hit a week ago.<\/p>\n

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

From the chart, it appears that today\u2019s decline came as the RSI made a move for its own floor at 45.00<\/p>\n

As of writing, price strength is tracking at 45.17, with bears likely to push for a breakout in the coming hours.<\/p>\n

Should this occur, there is a chance that SOL could move closer to $20.00 in the coming days.<\/p>\n

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

Do yo expect solana to hit $20.00 this week? 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<\/em><\/p>\n

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