Polygon (MATIC) experienced a significant drop in value on Thursday, falling to its lowest point since January. The bearish sentiment in the crypto market was the main driver behind the decline, with the global market cap down 1.46% as of writing. Solana also experienced a slip, nearing a two-month low.
MATIC/USD reached a high of $1.11 on Wednesday before dropping to a bottom of $1.04 earlier in today’s session. The last time Polygon traded at this level was on January 26, when the price was under $1.00.
The relative strength index (RSI) of 14 days fell to a long-term floor at 35.00, indicating a bearish trend. However, the index has since rebounded and is currently at the 36.59 mark, with the next visible point of reference being 42.00.
Overall, the crypto market remains volatile, with investors closely monitoring the situation. The recent decline in value for Polygon and Solana highlights the need for caution when investing in cryptocurrencies.
