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XRP Hits 2-Week High, SHIB Marginally Higher – Crypto Markets Bearish

• Polygon (MATIC) and Solana (SOL) have dropped to their lowest points since January as the global market cap has declined by 1.46%.
• The relative strength index (RSI) of 14 days for both MATIC/USD and SOL/USD have fallen to long-term floors, with bulls attempting to buy the dip.
• Bitcoin, Ethereum are also down following Silvergate liquidation announcement.

Crypto Markets Bearish

The overall sentiment in crypto markets remained bearish on Thursday as the global market cap fell by 1.46% as of writing. Two tokens, Polygon (MATIC) and Solana (SOL), also fell to their lowest point since January earlier in today’s session.

Polygon (MATIC)

Thursday saw polygon fall to its weakest point since January, with MATIC/USD dropping from a high of $1.11 to a bottom at $1.04 earlier in today’s session. The last time polygon traded at this level was back on January 26, which is the last time price was under $1.00. Looking at the chart, this comes as the RSI of 14 days fell to a long-term floor at 35.00 As of writing, bulls have moved in to buy the earlier dip, and MATIC is trading at $1.07 agains USDT

Solana (SOL)

Solana also slipped on Thursday, moving near a two-month low with SOL/USD finding a bottom at $18.20 after residing at a high of $19.33 yesterday . Prices are now down by over 15% in the past week and its RSI is now tracking at 33.96 – its weakest reading since the start of 2021 – however it appears that there may be some support around 18$ mark for SOL/USD for now .

Bitcoin & Ethereum

Bitcoin & Ethereum were also affected by bearish sentiment following Silvergate liquidation announcement as BTC moves to fresh multi-week low . BTC currently trades down 5% from yesterday , while ETH trades flat against USDT .


Overall , Crypto markets remain bearish with key tokens like POLY & SOL hitting multi month lows while BTC & ETH remain unfazed so far due to liquidation news .