Biggest Movers: AVAX, SOL Slip by 14% on Wednesday, as Prices Near 1-Week Low

Biggest Movers: AVAX, SOL Slip by 14% on Wednesday, as Prices Near 1-Week Low

SOL was down by as much as 14% on Wednesday, as prices fell close to a one-week low earlier today. In addition to this, AVAX saw a similar decline, as the token dropped for a fourth consecutive session, with prices moving below $20. Solana (SOL)

SOL was lower in today’s session, as prices fell for a fourth straight session following a false breakout of the $40 level.

The world’s ninth largest cryptocurrency dropped to an intraday low of $34.24 in today’s session, which is its lowest point since June 23.

Wednesday’s six-day low comes less than 24-hours after prices were trading at a peak of $39.71. SOL/USD – Daily Chart

Despite today’s nearly 14% decline, SOL is currently only 3.9% lower than at the same point last week, when prices rose to a peak of $43.

Looking at the chart, SOL/USD is currently trading at $34.27, however we could be set to see further declines, as bears target the $30 mark.

However, in order to reach this point, price strength will have to fall below the support point on the 14-day RSI of 42.30.

Avalanche (AVAX)

AVAX was on a similar path to SOL on Wednesday, as prices also fell by as much as 14% in today’s session.

Following a peak of $20.48 on Tuesday, AVAX/USD plunged to an intraday low of $17.39 earlier in the day.

This drop saw the avalanche token fall for a fourth straight day, with prices now nearing its recent support point at $14.50. AVAX/USD – Daily Chart

The recent bear run commenced on Sunday, when prices attempted, but failed, to break out of the $21.90 resistance level.

Despite today’s drop in price, AVAX is still up nearly 3% from the same point last week, and as such, the 10-day moving average looks set for an upwards cross with the 25-day moving average.

Providing this occurs, and the 14-day RSI remains above its own floor at 40.40, then we might soon see prices back above $22. Tags in this story Analysis, Avalanche, AVAX, SOL, Solana

Where do you expect AVAX to be trading by the end of July? Let us know your thoughts in the comments. Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX. Bitcoin, Ethereum Technical Analysis: BTC Falls Below $20,000 as U.S. Consumer Confidence Plunges  MARKET UPDATES | 11 hours ago Biggest Movers: XTZ, FLOW Reach Multi-Week Highs on Tuesday MARKET UPDATES | 1 day ago

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