Biggest Movers: MATIC Rebounds, as SOL Falls Back Towards Support
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...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
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.
Why this matters
This altcoin story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on Bitcoin NewsRelated market context
Hyperliquid (HYPE) Price Today: HYPE Holds $80 Support Despite Mounting Bearish Pressure
CoinGecko data puts Hyperliquid’s market capitalization at approximately $18.04 billion and its daily trading volume near $918 mil...
TOKEN2049 Takeaways: Stablecoins, Asset Tokenization, and AI Payments
Every crypto conference brings a wave of new partnerships, products, and concepts. After scrolling through the latest updates, you...
Raydium launches INJ token staking on Solana platform
Raydium's INJ staking on Solana may boost Solana's ecosystem growth, potentially enhancing user engagement and liquidity dynamics....
Bitcoin (BTC) Price Prediction: Slowing Whale Selling Offers Hope as $81.5K ETF Support Holds
On-chain data indicates that distribution from longer-term holders has slowed, offering some relief to the market. However, weaken...
Anza Puts Solana’s Alpenglow Consensus Switch on the Mainnet Calendar for Oct. 21
Alpenglow, the consensus protocol built to replace Solana’s TowerBFT, will switch on for mainnet-beta on Wednesday, Oct. 21, Solan...
Grok AI Predicts Hyperliquid to Surge 20x by 2027
Elon Musk’s Grok AI predicts that Hyperliquid (HYPE) could reach $1,500 by January 1, 2027, assuming a full-blown crypto bull mark...