Solana, Polkadot Price Analysis: October 21, 2021

Published by
  • Solana impresses investors again with near a 20% rally to $183 while bulls gaze at $200.
  • Polkadot’s mission is to keep support at $40 unbroken, allowing bulls ample time to execute the task to all-time highs.

Solana bulls are back in action, and this time

they seem ready to close the distance to $2,000. Last week, the competitive smart contracts token gained ground to almost touching $170 but corrected back to $145. While this move left investors discouraged and concerned, bulls never lost hope and kept focusing on the near-term goal at $200.

The same bullish price action can be said of Ethereum, which stopped within inches of $4,000 and retreated to confirm support slightly above $3,600. Ether is trading above $4,000 and is close to cracking the immediate hurdle at $4,200 before completing the home stretch trip to $4,400.

Solana:-

Solana is seen trading at $182 at the time of writing. This follows a majestic liftoff from support at $145. The 50-day Simple Moving Average (SMA) has been an incredible contribution to SOL’s support, ensuring that the token did not bleed excessively to hamper recovery.

For now, the least resistance path is upward, according to the Moving Average Convergence Divergence (MACD) indicator. As the 12-day EMA moved above the 26-day EMA, the odds for another rally soared. With the MACD lifting above the mean line, it is expected that Solana will keep the uptrend to $200 unbroken.

advertisement

SOL/USD Daily Chart

SOL/USD price chart by Tradingview

Polkadot:-

Polkadot bulls are keen on sustaining the gains accrued lately, first by defending the critical support at $40 and secondly, pushing for advancement to the record high slightly above $50. As Solana and Ethereum hit higher highs in the last 24 hours, DOT brushed shoulders with $45.

However, a correction appears to be building momentum, with Polkadot trading at $43.7. If this overhead pressure spikes, DOT will likely approach the demand area in green at $40.

DOT/USD Daily Chart

DOT/USD price chart by Tradingview

The Moving Average Convergence Divergence (MACD) will have to affirm the sell signal for traders to consider offloading the token. Note that support at $40 is strong enough to keep the price afloat, allowing bulls ample time to plan the next mission to the record highs.

advertisement
John Isige

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

Share
Published by

Recent Posts

  • Price Analysis

Dogecoin Price Analysis: A Consolidation Phase In DOGE Coin Hints The Price Will Rise Back To The $0.336

The DOGE coin is currently under a short-term sideways trend. For the last four months,…

December 1, 2021
  • Price Analysis

Ripple Price Analysis: A Bullish Reversal From The $0.88 Support Hints At A 35% Gain In The Upcoming Trading Session

The XRP coin is currently in a short-term sideways trend. The coin price has recently…

December 1, 2021
  • Press Release

Verlux Launches It’s Early Sale on Cardano / Releases it’s First UI Demo Design

Verlux a Cardano Based Cross-Chain NFT Platform has begun its seed sale on Cardano, which…

November 30, 2021
  • Price Analysis

COTI Price Analysis: The Dynamic Support Of 50 EMA Has Turned To Resistance Now; Is This A Start Of A Downtrend??

The COTI coin price indicated another bearish reversal when the price was rejected from the…

November 30, 2021
  • Price Analysis

Stacks Price Analysis: Completing This Bullish Pattern, The STX Coin Could Hit The $4 Mark

The STX coin indicates an overall uptrend in its technical chart. On October 18th, the…

November 30, 2021
  • Press Release

4JNET’s Potential Attracts Many of New Participants Before its Launch

As 4JNET’s countdown to open exchange inches closer to its end, the positive buzz around…

November 30, 2021