Solana, Cosmos Price Analysis: August 31, 2021

By John Isige
Published August 31, 2021 Updated August 31, 2021
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Solana, Cosmos Price Analysis: August 31, 2021

By John Isige
Published August 31, 2021 Updated August 31, 2021
  • Euphoria and FOMO drive Solana price to the moon, closing in on $120.
  • Cosmos deals with a critical barrier at $24, but gains to $28 are in the cards.

Solana is on another level of a bull cycle, rallying 450% from July lows. The token exploded past $100 last weekend and barely a day after resting support at $65. A daily close above $100 triggered another upward roll, with Solana almost closing the gap to $120.

Meanwhile, Bitcoin is resilient above the key support at $46,000 amid increased on-chain demand accumulation support, as reported by Glassnode. A catalyst is required to place BTC in the trajectory of $50,000, a move that may birth the next rally to $60,000.

Apart from a few selected altcoins like Solana, Cosmos, and Ethereum, the cryptocurrency market is underwater.

Solana:-

Solana’s winning streak from July only slowed down at $80, allowing the testing of supports at $70 and $65, respectively. Toward the weekend session last week, a recovery ensued, with the price moving to $100.

The token briefly stepped above $100 before correcting to test new and higher support at $90. A daily close above $100 saw bulls retake control on Tuesday during the Asian session. SOL exploded toward $120, achieving another all-time high of $118.

Realize that the rally is far from over but mainly driven by the fear of missing out (FOMO) and increased institutional risk appetite and retail demand. The MACD is highly bullish, affirming the potential to lift past $120.

SOL/USD Daily Chart

SOL/USD price chart
SOL/USD price chart by Tradingview

Cosmos:-

Cosmos, like Solana, is also the green after posting impressive double-digit gains on Tuesday. It is trading at $23.2 at writing as bulls concentrate on breaking the resistance at $24. Another daily close above this barrier will bring ATOM close to $28, where it will be only $4 from its all-time high.

The trend favors the bulls based on the general technical picture. The Moving Average Convergence Divergence (MACD) indicator emphasizes the ongoing rally while lifting higher above the mean line.

ATOM/USD Daily Chart

ATOM/USD price chart
ATOM/USD price chart by Tradingview

Despite the rally, Cosmos is not overbought yet, according to the Relative Strength Index (RSI). More gains will be triggered as the RSI enters the overbought area above 70. Therefore, the potential to rise to $28 remains massive.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
John Isige
1154 Articles
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

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