SOL bounces off 2-month low to start weekend – market updates
Solana rebounded from a two-month low earlier in the weekend as bulls re-entered the market to buy the recent dip. Overall, the global cryptomarket capitalization is currently trading 1.8% higher after falling nearly 10% on Friday. polygon was another notable move as the price surged nearly 7% on Saturday.
Solana was back in the green early in the weekend as bulls reappeared after Friday’s red wave.
After hitting a low of $16.19 in yesterday’s session, SOL/USD surged to an intraday high of $18.85 on Saturday.
The move pushes Solana above a recent bottom at $17.30, moving away from its weakest point since January 13th.
Seen on the chart, this was indicated by the Relative Strengthindex (RSI) which found support at the 30.00 level.
As of this writing, the index is now at 32.85, which remains deep in bearish territory despite the recovery.
The momentum of the 10-day (red) moving average continues to trend down, which could be a sign that more turmoil is imminent.
Alongside Solana, Polygon (MATIC) also rebounded from a multi-month low during Saturday’s session.
MATIC/USD was up almost 7% earlier in the day to hit a high of $1.09 after falling to $0.9545 on Friday.
This was the lowest point for the token since the last week of January and caused price strength to delve deep into bear territory.
The RSI for MATIC is now hovering around 35.00 after rising to 32.00 during yesterday’s session.
Overall, Polygon is down almost 12% over the past week, but it appears that it is on the way to finding a bottom.
If so, some long-term bulls could rush in to buy the current decline.
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photo credit: Shutterstock, Pixabay, Wiki Commons, sdx15 / Shutterstock.com
Source: Crypto News Deutsch