Sunday, 12 March 2023

Biggest Movers: SOL Rebounds From 2-Month Low to Start the Weekend

by Berkeley Lovelace

Biggest Movers: SOL Rebounds From 2-Month Low to Start the Weekend

Solana rebounded from a two-month low to start the weekend, as bulls reentered the market to buy the recent dip. Overall, the global crypto market cap is currently trading 1.8% higher, following a nearly 10% drop on Friday. Polygon was another notable mover, as price rose by nearly 7% on Saturday.

Solana (SOL)

Solana was back in the green to start the weekend, as bulls reappeared following Friday’s red wave.

Following a low of $16.19 in yesterday’s session, SOL/USD moved to an intraday peak of $18.85 on Saturday.

The move sees solana climb above a recent floor at $17.30, moving away from its weakest point since January 13 in the process.

Looking at the chart, this was helped by the relative strength index (RSI), which found a point of support at the 30.00 level.

As of writing, the index is now tracking at 32.85, which despite the rebound, remains deep in bearish territory.

The momentum of the 10-day (red) moving average continues to trend downwards, which could be a sign that there could be more turbulence ahead.

Polygon (MATIC)

In addition to solana, polygon (MATIC) also rebounded from a multi-month low during Saturday’s session.

MATIC/USD jumped by nearly 7% earlier in the day, hitting a high of $1.09, after dropping to $0.9545 on Friday.

This was the lowest point for the token since the last week of January, and led to price strength moving deep into bear territory.

The RSI for MATIC is now tracking at 35.00, following a move to 32.00 during yesterday’s session.

Overall, polygon is down nearly 12% in the last week, however it appears that it could be on course to finding a floor.

Should this be the case, there could be some long-term bulls rushing in to buy the current dip.

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Do you expect a reversal in prices in the coming days? Let us know your thoughts in the comments.