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. Near protocol was also lower, dropping by as much as 12% today.
Solana (SOL) was in the red for the second day running, as prices moved closer to a key support level.
On Tuesday, SOL/USD slipped to an intraday low of $35.28, which is the lowest level that the token has traded since July 14.
The move pushed prices closer to a support point of $32.40, which has been in place since mid-June.
This recent downtrend in solana started exactly a week ago today, when the $47 price ceiling held firm, following an attempt from bulls to move to $50.
Looking closer at the chart, this took place as another ceiling was it, as price strength ran into a resistance point of 65.20.
That was the highest the relative strength index (RSI) had tracked since early April, with previous bulls unable to sustain the pressure needed for further rallies.
SOL/USD could first head towards the $32.40 floor, before we see bulls prepare to reenter.
Like solana, Near protocol (NEAR) extended recent losses during today’s session, with the token falling by as much as 12%.
Following a peak of $4.08 to start the week, NEAR/USD dropped to a low of $3.59 earlier in the day.
This saw the token fall to its lowest point since last Monday, June 18, when prices were climbing from a then-floor of $3.50
Today’s selloff has taken near protocol back towards this point, and comes following last week’s failed breakout into the $5.00 region.
The drop in prices comes as the 14-day RSI slipped below a floor of its own at 46.80, and is now tracking at 44.99.
Overall, NEAR is now trading over 17% lower than at the same point last week, with all indications pointing to further declines in upcoming sessions.
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Will near protocol move back toward $5 in the next few weeks? Let us know your thoughts in the comments.