• Solana (SOL) and Cardano (ADA) prices plunged during today’s session, with bears recapturing market sentiment.
• SOL/USD moved to an intraday low of $20.20 earlier in the session, dropping to its lowest point since January 19.
• ADA/USD dropped to an intraday low of $0.3558 earlier today, slipping to its weakest point since January 25.
Biggest Movers: SOL and ADA Plunge
Cryptocurrency markets remain firmly bearish as global market cap is trading 4.23% lower at the time of writing this. Both Solana (SOL) and Cardano (ADA) have taken a hit, plunging during today’s session as bears recapture sentiment.
Solana (SOL)
SOL/USD moved to an intraday low at $20.20 earlier in the session, which resulted in the token hitting its lowest point since January 19 when solana last collided with a floor at $20.00. Since hitting a peak of 87.67 on the 14-day relative strength index (RSI) back on January 13, price strength has consistently declined, now tracking at 44.21 – its weakest point since January 2 when SOL was under $10.00..
Cardano (ADA)
Cardano also extended its own recent sell-off on Friday, with prices falling for a third straight session and reaching an intraday low of $0.3558 earlier today after peaking at $0.3896 on Thursday – resulting in the token slipping to its weakest point since January 25 and breaking out of a floor at $0.3590 in the process..
Analysis
As bulls move to buy the dip in price following Cardano’s drop from support levels, longer-term investors may see this as a sign that prices are gradually moving in the right direction as RSI levels out at 46:70 with cardano currently at $0:3611..
Conclusion
The current bearish momentum seen across cryptocurrency markets presents both short-term challenges and long-term opportunities for investors looking to capitalize on market movements over time. If Solana’s floor on RSI continues to hold firm there could be potential for further upside growth over the week ahead for both SOL and ADA tokens alike