Solana dropped for a third consecutive session on Tuesday, as the token started the month of August nearly 5% lower. Overall, the global market cap was mostly in the red, dropping by 1.44% as of writing. Stellar fell to a one-week low, following a four-day losing streak of its own.
Solana (SOL)
Solana slipped for a third consecutive session on Tuesday, as the token dropped to a one-week low.
SOL/USD hit a bottom of $23.16 earlier in today’s session, which comes a day after price peaked at $24.38.
Tuesday’s low is the weakest point solana has hit since July 25, when the token traded under the $23.00 level.
One of the catalysts of this decline appears to be the relative strength index (RSI) falling below a support point at 51.00
At the time of writing, the index is tracking at 48.84, with the next visible price floor at 45.00.
There is a strong chance that SOL bears could push the token towards $20.00, should bearish momentum intensify.
Stellar (XLM)
Stellar (XLM) was another notable token to drop on the first day of the new month, edging lower for a fourth straight day.
Following a high of $0.1558 to start the week, XLM/USD retreated to a low of $0.1465 earlier in today’s session.
This is the lowest point that stellar has hit since last Wednesday, and comes as bears made an attempt to collide with a floor at $0.1445.
Like with solana, today’s sell-off in XLM was as a result of the RSI breaking out of a floor at the 59.00 zone.
Currently, price strength is tracking at 57.11, with the 10-day (red) moving average starting to point downward, following an extended uptrend.
A destination of $0.1250 might be a long-term target, especially in the event of a breakout below $0.1445.
Register your email here to get weekly price analysis updates sent to your inbox:
What price point do you expect stellar traders to target this month? Let us know your thoughts in the comments.
