Solana recorded a third sequential dip on Tuesday, with the token commencing August almost 5% down. As a whole, the global market cap was predominantly negative, depreciating by 1.44% at the time of reporting. Stellar plummeted to a week-long low, maintaining a four-day negative trajectory of its own.
For the third session in a row on Tuesday, Solana experienced a fall, marking a low not seen since the previous week.
The low recorded on Tuesday is the lowest Solana has seen since July 25, when the token was trading below the $23.00 mark.
SOL/USD – Daily Chart
As of writing, the index stands at 48.84, with the next apparent support level at 45.00.
Stellar (XLM) was another noteworthy token to witness a drop on the inaugural day of the new month, marking a fourth consecutive day of decline.
From an opening high of $0.1558 this week, the pair XLM/USD fell back to a low of $0.1465 in today’s session.
This marks Stellar’s lowest point since last Wednesday, and occurs as bears attempted to breach a support at $0.1445.
SOL/USD – Daily Chart
Like Solana, the sell-off in Stellar today was due to the RSI breaking below the 59.00 level.
A goal of $0.1250 might be a long-term target, particularly if there’s a breakout below $0.1445.
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Frequently Asked Questions (FAQs) about Bearish Trend
What cryptocurrencies does this text focus on?
What is the current trend for these cryptocurrencies?
As of the text’s writing, both Solana and Stellar are experiencing a prolonged bearish trend.
How significant is the drop in value for Solana and Stellar?
Solana and Stellar have each seen a drop of almost 5%.
What might be the future price target for Solana?
If the bearish trend persists, the token might be driven closer to the $20.00 mark.
What might be a long-term target for Stellar?
A potential long-term goal could be $0.1250, especially in case of a breakout below $0.1445.
What are some contributing factors to this downturn?
One factor appears to be the relative strength index (RSI) dipping below certain support levels for both cryptocurrencies.
More about Bearish Trend
- Understanding Relative Strength Index (RSI)
- Solana (SOL) Market Analysis
- Stellar (XLM) Market Analysis
- Cryptocurrency Market Trends