Solana (SOL) Heading for Record Highs, Kadena (KDA) Coin Accumulating Pressure

The cryptocurrency market has stopped declining, after going through a considerable pullback in November, as the crackdown on cryptos continued. The US is trying to tax cryptos under the new infrastructure bill, while India might ban a number of cryptos, including Bitcoin. However, the market has been digesting the crackdown well, pushing higher after every retreat. November’s retreat seems to be over now, with Solana resuming the bullish trend already, while Kadena coin is gathering some pressure before making a bullish move.

Solana Daily Chart Analysis – SOL/USD Heading for $260

Solana has been seeing growing interest from investors, as the price action indicates. Solana was trading at around $30 in August, while in November it reached $260 and the price right now is not too far below that resistance level.

The retreat in SOL/USD, which took the price below $200, is over now, after this cryptocurrency made 6 consecutive bullish daily candlesticks. The price has climbed above the 50 daily SMA (yellow) and we will probably see new highs in Solana before the end of 2021.

As we said, the interest in the Solana network is high, with more than 500 projects being built there. One exciting development for Solana is that EVM Neon is going to integrate its Aleph.im in the network. This is a cross-blockchain computing network and a decentralized indexing provider that offers access to all cross-chain DeFi data on the Solana ecosystem. Aleph.im will make it easy for Solana users to access accurate data related to transactions, TPS, TVL, operator node stats and other detailed information about smart contracts on Neon, quickly and effectively. So, Solana continues to expand and the price will continue to rise. Of course, this made the latest retreat a very good opportunity to invest in some SOL coins.

Kadena Daily Chart Analysis – Placing a Support Around $16

Kadena has stopped retreating now 

Kadena saw a meteoric rise in October and the first two weeks of November, while most of the cryptocurrency market was retreating. KDA/USD surged from around $2 to $28, but eventually the bearish sentiment in the crypto market caught up with it. That caused Kadena coin to retreat lower to $16, where it has formed a base, while the 20 daily SMA (gray) has been acting as resistance at the top.

The retreat seems to have stopped now, and this crypto coin is gathering some momentum before the next bullish leg, since fundamentals look positive. Kadena has launched a wrapped version of the KDA token, called wKDA, which operates on the Ethereum network. It allows interaction with all the decentralized finance (DeFi) protocols on the Ethereum network. The 24-hour trading volume surged from a daily average of $3 million to more than $345 million, but it has now stabilized at around $45 billion. So, all this points to further gains for Kadena, but that will only come when Kadena decides to make a move.