Technical Analysis: SOL, LUNA and AVAX All Down on Friday
Solana, terra and avalanche were all lower on Friday, as market uncertainty impacted all major cryptocurrencies. This came as several of the big ten all fell into multi-week lows versus the U.S. dollar.
With markets mainly in the red on Friday, finding a bull was no mean feat, however, there were some exceptions that weathered today’s storm.
The most notable was NEO, which as of writing is trading close to 6% higher, as it managed to evade the current bearish pressure.
Following a low of $23.45 during Thursday’s session, NEO/USD rose to an intraday high of $27.03 earlier today.
The move came following a streak of higher highs which saw NEO climb by as much as $10 in the last 3-weeks.
Friday’s rally was heightened by the fact that the 14-day Relative Strength Index rallied beyond its recent ceiling of 59, and is currently tracking at 61.
NEO/USD also marginally broke out of its long-term resistance at $26, cementing a 1-month high in the process.
Following this false breakout, traders will now wait to see if price strength will gain further momentum this weekend.
AVAX was down for a second consecutive session, with LUNA falling for a third straight day, although neither of these were today’s most notable bear.
That honor was reserved for solana (SOL), which fell by almost 15% this week, leading prices to track close to its long-term floor.
SOL/USD fell to an intraday low of $90.27 during Friday’s trading session, and is down close to 6% as of writing.
Price strength also faded, with the RSI falling deep into oversold territory, and is currently tracking at 36, which is its lowest level this week.
These recent declines have pushed momentum lower, resulting in the 10-day (red), and 25-day (blue) moving averages crossing downwards, which is a signal of bearish sentiment.
SOL hasn’t traded below $89 since August, however, if this decline extends, we could see that this weekend.
Do you expect a swift rebound in SOL prices? Let us know your thoughts in the comments section below.