Solana and Fantom Price Prediction – SOL and FTM More Bullish Than the Crypto Market
Solana SOL and Fantom FTM seem to be in the bullish group in the crypto market
Solana and Fantom coins weren’t showing much strength during the first few months of this year, while the crypto market was surging higher. But, since the second bullish wave started, cross-chain coins, like DeFi tokens such as Solana and Fantom have surged, so let’s have a look at these two interesting cryptos.
Solana Daily Chart Analysis – SOL/USD Resumes the Bullish Trend?
Solana surged in the first months of this year, from around $2 to almost $60, until the middle of May, but the second wave of the bullish trend, since July, was extraordinary. SOL/USD surged from just above $20 in July, to $216 by the second week of September, while other leading cryptos, like Bitcoin and Ethereum, didn’t even reach the highs of May. This means that the bullish momentum here was for reasons of its own, which is positive fol Solana.
Solana pushed higher, even after the first flashcrash in the first week of September, but eventually the increased crackdown on cryptos by governments and central banks around the globe caught up with it. Solana lost exactly $100, but it seems that it has resumed the bullish trend again, after reversing above the 50 SMA (yellow) on the daily chart. The highs were getting higher as the 50 SMA was also pushing higher, and eventually the price bounced higher.
So, things are going well for Solana on the technical front, which seems driven by the fundamentals, since this crypto has been running higher in September, despite the majority of the market, which ended the month lower. So, Solana is increasing, and if it keeps going, despite the stochastic indicator being overbought, that would be a strong sign, indicating that buyers are not looking at technical indicators for direction, and the sentiment has turned really posoitive for SOL/USD.
Fantom Daily Chart Analysis – FTM/USD Resuming the Bullish Trend?
Like Solana, Fantom is designed to facilitate decentralized DApp creation, and with the growing popularity of the crypto world, the demand for DApp room from such networks has grown, which in turn increases the demand for the native tokens, in this case the FTM coin. As with Solana, fundamentals have pushed this crypto above the May highs, and after the retreat in September, the bullish trend seems to have resumed here as well.
Fantom sellers seem scared of the 50 daily SMA
After making higher lows, and following the retreat for some time, the price of FTM/USD jumped. The upcoming event is important for Fantom developers and the FTM holders. Fantom has arranged its first developer conference, which will be held in Abu Dhabi, from October 25-29, 2021.
This event follows in the footsteps of similar events, in terms of scale and ambition, such as the North American Bitcoin Conference and the World Blockchain Forum. Fantom Foundation and Keynote are organizing the event for developers of all skill levels who show interest in building DApps in the Fantom blockchain ecosystem. This event will further increase the interest from developers who want to build DApps on the Fantom network, which in turn increases the demand for Fantom coins. Although, there won’t be an immediate response to this event, but rather one that stretches over time, so there won’t be any spikes during this event.
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