Solana (SOL), Fantom (FTM) Trying to Overcome Resistance
Cryptocurrencies have been displaying some bullish pressure since the beginning of last week. They haven’t been making new lows since January, which was a good sign to start with, although the highs have been getting lower nonetheless, suggesting that buyers are still not confident enough. Although, Solana and Fantom cryptos are trying hard to push above moving averages which have been acting as resistance since the big reversal last November.
Solana Daily Chart – SOL Pushing Above the 50 SMA
The support at $80 held for Solana
Solana has been on a constant downtrend since November, when it reversed at $260 which is the all-time high. The price broke below all support zones on the daily chart and the 50 SMA (yellow) has been providing resistance at the top during this time, pushing the highs lower, while the support formed at around $80. So a triangle was forming which means that a breakout was imminent and that breakout might be now, since buyers are pushing above that level.
Solana is a very scalable blockchain, processing up to 700K transactions per second (TPS) and it recently announced the launch of Solana Pay, which is a decentralized P2P payments protocol, but that didn’t help much with the price. The Orca AMM DEX is launching Whirpools, a concentrated liquidity feature for the Solana ecosystem today kicking off a two-week beta phase. Besides that, BGMI makers Krafton is also partnering with Solana Labs for blockchain-based games and services, which should increase the demand for SOl tokens.
Fantom Daily Chart – FTM Facing the 20 SMA As Resistance
Is the previous support turning into resistance at $1.30?
Fantom was displaying strength despite the bearish momentum in the crypto market which sent most major cryptos below half their value. Fantom on the other hand, was retesting late October highs in January below $3.50, but started to slip lower breaking below the support levels. Earlier this month, Fantom received a blow after two of the main developers let the firm. Anton Nell, a senior solutions architect, and Andre Cronje, who is a prolific developer, left the Fantom Foundation.
That delivered a blow to FTM/USD which when the market was already bearish and this cryptocurrency fell to $1.04. We were waiting to buy this crypto at $1 or lower at the $0.90 support. But, the sentiment improve suddenly and the price reversed higher after the Fantom Foundation promised improved network performance after the departure of these two key figures weighed on investor confidence. Although the 100 SMA has been acting as resistance at the top for the last several days, so let’s see if Fantom can push above this moving average which stands around the $1.30 support and resistance level.
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