Polygon climbed higher in today’s session, as cryptocurrency markets marginally rebounded on Wednesday. The global crypto market cap was up by nearly 1% earlier in the day, as Tuesday’s losses eased. Solana, on the other hand, remained lower, as it fell towards a key price floor.
Polygon (MATIC)
Polygon (MATIC) edged higher on Wednesday, as the token moved away from a recent point of support.
Following a low at $0.954 on Tuesday, MATIC/USD jumped to a peak of $0.9925 earlier in today’s session.
As a result of the move, polygon bounced from a recent price floor of $0.950, after recently falling to a multi-week low.
Looking at the chart, Wednesday’s surge led to the relative strength index (RSI) colliding with a long-term ceiling of 40.00.
At the time of writing, the index is tracking at 39.22, with MATIC at a level of $0.9813.
Despite earlier gains easing, there is still optimism that polygon could climb back above $1.00 this week.
Solana (SOL)
On the other hand, solana (SOL) remained in the red, as the token moved back towards a recent price floor.
SOL/USD retreated to a low of $21.36 earlier in today’s session, less than 24 hours after the token traded at a high of $22.37.
Wednesday’s drop in price has sent SOL close to its long-term support point at $21.00, which was last hit a week ago.
From the chart, it appears that today’s decline came as the RSI made a move for its own floor at 45.00
As of writing, price strength is tracking at 45.17, with bears likely to push for a breakout in the coming hours.
Should this occur, there is a chance that SOL could move closer to $20.00 in the coming days.
Register your email here to get weekly price analysis updates sent to your inbox:
Do yo expect solana to hit $20.00 this week? Let us know your thoughts in the comments.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Read disclaimer