Solana fell for a second consecutive session on Tuesday, pushing the token to its lowest level in twelve days. The move comes as sentiment in crypto markets turned bearish ahead of tomorrow’s FOMC meeting. The near protocol was also lower, dropping as much as 12% today.
Solana (SOL)
Solana (SOL) was in the red for the second day in a row as prices approached a key support level.
On Tuesday, SOL/USD slid to an intraday low of $35.28, which is the lowest level the token has traded since July 14.
The move brought prices closer to a support point of $32.40, in place since mid-June.
This recent solana downtrend began exactly a week ago today when the $47 price cap held firm following an attempt by the bulls to break through to $50.
Looking closer at the chart, this happened when it was another high as price strength came up against a resistance point at 65.20.
It was the highest the Relative Strength Index (RSI) has tracked since early April, with previous bulls unable to maintain the pressure needed for further rallies.
SOL/USD may head towards the $32.40 floor first, before seeing the bulls prepare to return.
Near Protocol (NEAR)
Like solana, the Near (NEAR) protocol extended recent losses during today’s session, with the token dropping as much as 12%.
After peaking at $4.08 to start the week, NEAR/USD fell to lows of $3.59 earlier in the day.
This saw the token drop to its lowest point since last Monday, June 18, when prices climbed from a low of $3.50.
Today’s selling has almost brought the protocol back towards this point and comes after last week’s breakout failed in the $5.00 region.
The price drop comes as the 14-day RSI slipped below its own floor at 46.80, and now sits at 44.99.
Overall, NEAR is now trading more than 17% lower than at the same time last week, with all indications pointing to further declines in the coming sessions.
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Will the near protocol return towards $5 in the next few weeks? Let us know your thoughts in the comments.
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