Solana (SOL) and Chainlink (LINK) have both been on a lot of downtrends as seen in the charts, prompting speculations if Polygon (MATIC) may likely follow. The trail by such major currencies points to an arch of downward movement in the market as a whole.
Solana(SOL) Price Drop Signals Bearish Momentum
- Current price:$129.67
- Market cap:60.5B
SOL/USDT 24-hour price chart :Source(Tradingview)
Solana(SOL) has faced a steep decline, dropping nearly 30% from a high of $180 to approximately $126.95. The recent 7.98% drop in one day, highlighted by a strong red candlestick, reflects increased selling pressure, with over 2.5 million SOL traded. Technical indicators support the bearish outlook, with the RSI at 43.19, indicating continued bearish momentum. The MACD shows a similar trend, with negative bars growing, signaling potential further downside unless a market reversal occurs.
Chainlink(LINK) Continues to Slide Amid Weak Market Sentiment
- Current price:$10.31
- Market cap:$6.2B
LINK/USDT 24-hour price chart :Source(Tradingview)
Chainlink (LINK) has been declining, dropping from a high of $17.50 in June to $9.57 at the time of writing. This gradual decline, coupled with lower highs and lower lows, suggests that bearish sentiment remains strong. The RSI stands at 41.70, reflecting ongoing bearish momentum without reaching oversold levels. The MACD confirms this with negative signals, indicating that selling pressure is likely to continue unless there is a significant shift in market conditions.
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Polygon(MATIC) Faces Renewed Bearish Pressure Amidst Fluctuating Volumes
- Current price:$0.4052
- Market cap:$4.04B
MATIC/USDT 24-hour price chart :Source(Tradingview)
Polygon (MATIC) has also been affected by the market’s bearish trend. MATIC fell again, closing at $0.7160 after a recovery in August. The price action points to a bearish outlook, with the RSI at 49.54, slightly below neutral, indicating balanced momentum with a slight bearish bias. The MACD’s downward trajectory and negative histogram bars further reinforce the bearish sentiment, suggesting that MATIC could continue to face selling pressure in the near
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