Solana turned red again on Thursday as the coin fell to a three-month low in today’s session. The drop came as the cryptocurrency market plunged, down 2.39% as of writing. Litecoin was a notable exception, climbing for the second consecutive session.
solana
Solana (SOL) fell more than 5% during Thursday’s session, as prices neared a multi-month low.
After Wednesday’s high of $32.38, SOL/USD fell earlier in the day to a low of $30.51.
The drop takes the SOL closer to its level of $29.90, which is also its lowest level since June 18, when prices were as low as $26.90.
Solana saw a sharp decline last month, rising from a peak of $48.32 on August 13 to a low of $29.91 on August 29.
The bearish sentiment seems to have persisted in September, with the Relative Strength Index still in oversold territory.
At the time of writing, the index is tracking at 33.82, which is close to a bottom of 32.32. Should we see this support hit, prices may retest June lows.
Litecoin (LTC)
While Solana fell lower, Litecoin (LTC) was trading higher on Thursday, as the token extended its recent gains.
LTC/USD rose to a high of $56.50 earlier in today’s session, moving away from Tuesday’s low of $51.85, which saw the coin hit a two-month low.
Since then, the price has climbed in back-to-back sessions, with today’s surge taking the price closer to a key resistance point.
As Litecoin approached its range of $57.00, price uncertainty was insured, with the bulls holding their positions as opposed to making gains.
Due to this, LTC is now trading at $55.40 which is $1.00 less than today’s previous peak.
One reason for this is that the RSI has hit a barrier at 47.25 as a resistance point.
Should the LTC bulls aim for further gains, this hurdle should be removed.
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Can we see Litecoin breaking the $57.00 threshold this week? Let us know your thoughts in the comments.
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