Solana and Fantom crypto coins look very similar when it comes to the price action in recent weeks. They are similar, in the fact that they both offer decentralized finance or DeFi. They both surged around 10 times from the July lows and broke above May’s highs.

Smaller moving averages in Solana and Fantom such as the 20 SMA (gray) and the 50 SMA (yellow) are scaring sellers away and today the 20 SMA did a good job in providing support on the daily chart. They started retreating lower today, but the 20 SMA stopped the retreat and the price has bounced back up now.

Solana Daily Chart Analysis – The 20 SMA holds as support

Buyers remain in control, as MAs can’t catch up with the price in SOL/USD

There was some good news for Solana today, as the Paysafe company behind payment platforms, Skrill and NETELLER, announced the integration of buying/selling Solana on both platforms. Now the users of these two platforms can buy or trade Solana with normal fiat currencies. Two days ago, the cryptocurrency lending and savings platform Nexo announced that it would add Solana to its list of supported cryptos. Now, SOL/USD is trading just below $160 and it should reach the early September highs at $220s.

Fantom Daily Chart Analysis – Today will end up as a bullish day

The 20 SMA held as support for FTM/USD as well

We see that the 20 SMA is acting as support on FTM/USD as well, which is forming a hammer daily candlestick, as shown on the chart above. There have been positive events for this crypto as well, after Tajikistan entered the cryptocurrency market.

As blockchain technologies increase, they are reaching the mainstream monetary system, hence the fear and the crackdown on the crypto market by governments and central banks across the world. But not all are against cryptos, some are entering the market with their own digital coins. Adoption is the best type of validation.

Tajikistan is releasing its own crypto coin soon and they are using the Fantom network, which improves the reputation of the network further. So, Fantom also seems to be heading up and will probably make new all-time highs ATM before the end of the year.