- Although SOL initially slid to a 7-day low, it recovered while ETH also followed.
- SOL exited the oversold region and is attempting to crossover to the bullish side.
- If the AO continues to push for a positive value, then ETH may form a bullish structure.
Despite recent talks of an altcoin season, assets like Solana (SOL), and top-ranked altcoin Ethereum (ETH) have not lived up to expectations. According to CoinMarketCap, SOL previously hit a 7-day low on August 1 before its 24-hour recovery to $23.70 at press time.
Like Solana, ETH also slipped for the third consecutive day, falling as low as $1,826 on the same day mentioned above. However, like two peas in a pod, ETH and SOL moved up the charts as the crypto market cap jumped to $1.18 trillion.
SOL and ETH 7-Day Performance (Source: CoinMarketCap)
Solana (SOL)
SOL’s dip below $23 on August 1 represented its weakest fall since July 25. Although SOL rose high above $25.01 on July 30, the token has been subject to massive selling pressure. One of the stimulants of the plunge was the Relative Strength Index (RSI).
From the 4-hour chart, the RSI fell below the buying support on July 31 when it was aro…
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The post SOL, ETH Near New Levels, Will the Bearish Streak Continue? appeared first on Coin Edition.