Solana dropped to a one-month low to start the weekend as the cryptocurrency market fell before Christmas. In today’s decline, the token fell for his fourth consecutive fall as market sentiment shifted to bearish. Uniswap was also in the red on Saturday as prices fell for the second day in a row.
Solana (SOL) was in the red on Saturday as prices fell for the fourth time in a row.
SOL/USD dropped to a low of $11.24 during today’s session, less than a day after the token traded at $11.95.
Today’s sell-off has pushed the solana to its lowest level since the price touched a low of $10.94 on November 22nd.
As you can see from the chart, Saturday’s decline came when the 14-day Relative Strength Index (RSI) broke through the bottom of 34.00.
The index is currently tracking at 31.79 with the next visible support point at the 29.90 level.
If the RSI continues heading towards this point, Solana is likely to break below the $10.94 levels seen four weeks ago.
Uniswap (UNI) also dropped to start the weekend as the token extended the recent bear market.
Following Friday’s high of $5.32, UNI/USD fell to an intraday low of $5.20 on Christmas Eve.
The move could land Uniswap at a long-term support point, intensifying the bear market as the weekend matures.
At the time of writing, the token is just above the $5.20 floor and is currently trading at $5.22.
If this lower bound is breached, the target for sellers could be the $4.95 lower bound that was last hit in late November.
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Do you think uniswap will drop below $5.00 this weekend? Let us know your thoughts in the comments.
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