The cryptocurrency market entered a retreating period in November which still continues, although we haven’t seen new lows in the last couple of weeks. Solana coin had been really bullish for several months until early November, while Cardano has been bearish since September, but they are approaching some support levels which look like a good place to buy.
Solana Daily Chart Analysis – SOL Still Retreating Before the Uptrend Resumes
Solana was trading around $25 in August, while in the first week of November SOL/USD increased to $260. Since then we have seen some bearish pressure and Solana has retreated lower, but it still looks much stronger than most of the crypto market, which suffered some heavy losses, falling to $150.
So, the pullback seems weak and buyers should return again, probably once the 200 daily SMA (purple) catches up with the price. If that moving average catches up, then I would try to buy Solana coins. The rising adoption of its ecosystem by dApps, which stand at more than 500 is supporting Solana. The launch of Mini Royale: Nations, the network’s first multiplayer has already seen the number of players double, and more games should begin popping up on this network, even play-to-earn games. So, we are waiting for the price to settle nd then go long, probably at $150.
Cardano Daily Chart Analysis – ADA Trading in the Bearish Zone
ADA coin trading between $1 and $1.50
Cardano is a very interesting blockchain network and it is starting to be populated after the launch of the Alonzo upgrade. A new report released by Santiment reveals Cardano led the crypto market in 2021 with moat developer activity.
Cardano’s CEO, Charles Hoskinson keeps trying to talk Cardano higher, commenting recently about the potential of DeFi and Cardano’s role within the industry. But, the momentum remains bearish for ADA. Cardano fell below $1.50 in December which now has turned into resistance together with the 50 daily SMA (yellow) although the price is trading in the support zone. The support level at $1 is a great place to buy ADA/USD, but the price has stalled around $1.30 in the last several days, so we might see a bullish reversal from here as well.
Read More:Where to Buy Solana (SOL) and Cardano (ADA) Cryptos