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
$1.1 trillion asset manager Schroders launches tokenized bond fund on Solana
Schroders' move into tokenized bonds on Solana signals a shift towards blockchain in traditional finance, potentially reshaping as...
Bitcoin Bounces Back From 6-Week Low Despite $1B ETF Exodus
Bitcoin bounced back above $78,000 just now after hitting a six-week low, even as U.S. spot Bitcoin ETF sheds $1.16 billion across...
Schroders launches tokenized emerging markets debt fund on Solana with Centrifuge
The $1 trillion-plus asset manager brings its emerging markets bond strategy to Solana, expanding the range of onchain actively ma...
Solana Microscope Offers Open-Source Monitoring for Complex On-Chain Operations
TL;DR: The Solana Foundation has described Microscope, an open-source monitoring approach for teams managing on-chain programmes a...
Mark Zuckerberg’s Meta AI Predicts the Bitcoin Price: Is This Actually Possible?
A genuinely outsized move for Bitcoin (BTC) may still be on the table before January 1, 2027, as Mark Zuckerberg’s Meta AI predict...
Strategy’s STRC Hits $100 Par for First Time Since May After Over $2 Billion in Buybacks
Bitcoin Magazine Strategy’s STRC Hits $100 Par for First Time Since May After Over $2 Billion in Buybacks Strategy’s Stretch prefe...