Biggest Movers: SOL Slips Towards Multi-Month Low, as LTC Surges on Thursday

Bitcoin News

Solana was back in the red on Thursday, as the token fell towards a three-month low in today’s session. The decline comes as cryptocurrency markets fell lower, trading down by as much as 2.39% as of writing. Litecoin was a notable exception, climbing for a second successive session.

Solana (SOL)

Solana (SOL) was down by over 5% during Thursday’s session, as prices moved closer to a multi-month low.

Following a high of $32.38 on Wednesday, SOL/USD slipped to a low of $30.51 earlier in the day.

This decline pushes SOL closer to its floor at $29.90, which is also its lowest level since June 18, when prices were as low as $26.90.

SOL/USD – Daily Chart

Last month saw solana fall rapidly, going from a peak of $48.32 on August 13, to a low of $29.91 on August 29.

The bearish sentiment seems to have carried into September, with the relative strength index still in oversold territory.

As of writing, the index is tracking at 33.82, which is close to a floor of 32.32. Should we see this support hit, prices will likely recapture June’s low..

Litecoin (LTC)

While solana fell lower, litecoin (LTC) was trading higher on Thursday, as the token extended 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 token hit a two-month bottom.

Since then, prices have climbed in back-to-back sessions, with today’s surge taking prices close to a key resistance point.

LTC/USD – Daily Chart

As litecoin approached its ceiling of $57.00, price uncertainty was insured, with bulls securing profits, as opposed to maintaining their positions.

Due to this, LTC is now trading at $55.40 which is over $1.00 lower than today’s previous peak.

A reason for this is that the RSI has collided with an obstacle, in the form of a resistance point at 47.25.

Should LTC bulls target further gains, then this hurdle must be overcome.

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Could we see litecoin break the $57.00 ceiling this week? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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