• Dogecoin (DOGE) saw a five-day winning streak snapped on Wednesday, with today’s drop engulfing recent gains.
• Solana (SOL) also lower, plunging by 9%.
• The downturn seems to have coincided with a breakout on the relative strength index (RSI) for both coins.
Dogecoin (DOGE) saw a significant drop on Wednesday, ending a five-day winning streak and erasing recent gains. The meme coin fell by as much as 6% during the day, with the decline coinciding with a breakout on the relative strength index (RSI). Solana (SOL) was also lower, plunging by 9% as the RSI also moved below the key 57.00 level.
The downturn for both coins began earlier in the week, with DOGE/USD trading at a low of $0.0853 last Friday. This was followed by a surge to a peak of $0.0950 during Tuesday’s session, with the gains being wiped out in today’s trading. The RSI was a key indicator for the decline, with the index currently tracking at 54.98, which is marginally higher than a floor at 53.00.
Solana also saw a substantial decline on Wednesday, with SOL/USD dropping to a bottom at $22.27 earlier in the day. This comes following a peak of $25.22 during Tuesday’s session, with the token now trading at its weakest point since last Tuesday. Again, the RSI was a key factor in the decline, as the index moved below 57.00. Price strength is currently at a reading of 53.36, and is fast approaching a lower point of support at 51.00.
The declines for both coins could continue for the remainder of the week, with DOGE/USD potentially moving below $0.0850. The same is true for solana, which could move below $20.00 if the downturn continues. As a result, it will be important for investors to monitor the RSI for both coins, as any further breakouts could lead to further losses.