Solana (SOL)
Solana (SOL) experienced a third consecutive session of decline, reaching a one-week low.
- SOL/USD hit a bottom of $23.16.
- This comes after the price peaked at $24.38.
- The current low is the weakest point since July 25.
- The decline may be due to the relative strength index (RSI) falling below a support point at 51.00.
- If bearish momentum continues, SOL bears could push the token towards $20.00.
Stellar (XLM)
Stellar (XLM) also experienced a drop on the first day of the month, marking a fourth consecutive day of decline.
- XLM/USD retreated to a low of $0.1465.
- This is the lowest point since last Wednesday.
- The sell-off in XLM was a result of the RSI breaking out of a floor at the 59.00 zone.
- The 10-day moving average is starting to point downward.
- A long-term target of $0.1250 might be possible in the event of a breakout below $0.1445.
Hot Take
Solana and Stellar continue to face downward pressure as their respective tokens experience consecutive declines. The relative strength index (RSI) has played a role in these declines, signaling potential bearish momentum. It remains to be seen whether these tokens will be able to recover and reverse the downward trend.
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