Cardano dropped to a three-month low on Thursday, as sentiment in cryptocurrency markets remained largely bearish. The move comes as traders continue to worry about what the recent Binance and Coinbase lawsuits could mean for the wider market. Solana also slipped to a multi-month low.
Cardano (ADA) plunged to a three-month low on Thursday, as traders remained nervous, following the recent U.S. Securities and Exchange Commission (SEC) lawsuits.
After a high of $0.3376 on Wednesday, ADA/USD dropped to a bottom at $0.3196 earlier in today’s session.
The drop pushed the token to its lowest level since March 15, when price was at a bottom of $0.3166. Looking at the chart, this decline came as the relative strength index (RSI) moved deep into oversold territory, falling to a low below 30.00.
The index has since rebounded, and is tracking at 34.21, which is marginally above a key level of resistance at the 33.00 mark.
Should this upward momentum continue, bulls will look to recapture the $0.3500 level. Solana (SOL)
In addition to ADA, solana (SOL) sank to a multi-month low of its own during today’s session.
SOL/USD fell to an intraday low of $18.29 on Thursday, which comes less than a day after the price was above $20.00.
As a result of this latest decline, solana fell to its weakest point since March 13, when the price was under $18.00. Overall, SOL is down by almost 9% in the last seven days, with the 10-day (red) moving average (MA) in free fall as a result.
Should the trend line maintain its current course, there will be a downward cross with the 25-day (blue) MA.
For bears who still remain despite the recent oversold status, the next target will likely be $16.00.
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Could solana fall to $16.00 this week? Let us know your thoughts in the comments.