Biggest movers: SOL, NEAR and AVAX down more than 20% Wednesday – Market Update Bitcoin News

Solana, NEAR and AVAX all traded more than 20% lower on Wednesday as global cryptocurrency markets continued to fall on Hump Day. The cryptocurrency market cap is currently down 6.35% as traders continue to digest the recent slump in LUNA and UST prices.

Sunshine (SUN)

Solana fell more than 20% in Wednesday’s trading session as the bear market from the LUNA crash continued to send shockwaves through the market.

After hitting a high of $70.90 on Tuesday, Sol/USD fell to a low of $49.69 earlier in the day.

The price drop was the biggest one-day drop this year and took SOL to its lowest level since last August.

Biggest movers: SOL, NEAR and AVAX down more than 20% Wednesday
SOL/USD – daily chart

Overall, prices have been on a downtrend since the Fed rate decision failed to break above the $93 resistance the day before.

Looking at the charts, the 14-day RSI is reading off the charts and is currently tracking 24.87, its lowest level in nearly five months.

Although earlier losses have eased, prices are still down 24.30% from yesterday’s high, with traders still looking for stable support.

Avalanche (AVAX)

In addition to LUNA, which is down more than 90% today, AVAX is another notable mover, down more than 30% today.

After peaking at $48.52 in yesterday’s session, the coin fell to an intraday low of $27.85 on Wednesday.

As a result of the move, AVAX/USD fell to its lowest level in nearly nine months, with prices almost dipping below $20.

Biggest movers: SOL, NEAR and AVAX down more than 20% Wednesday
AVAX/USD – daily chart

Overall, AVAX has fallen by more than $70 since the beginning of April, and today’s lowest price is the lowest since last August.

Looking at the chart, the 14-day RSI is now below 23, the lowest level the indicator has touched since the inception of AVAX.

The bulls will use the fact that the price is severely oversold as a positive factor, but with no clear price floor, we may see more uncertainty in the upcoming session.

Could we see AVAX drop below $20 this week? Let us know your thoughts in the comments.

Elijah Danbell

Eliman brings an eclectic perspective to market analysis, having served as a brokerage director, retail trading educator and market commentator for cryptocurrencies, stocks and foreign exchange.

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