Solana, Polkadot Price Analysis: October 21, 2021
Solana bulls are back in action, and this time they seem ready to close the distance to $2,000. Last week, the competitive smart contracts token gained ground to almost touching $170 but corrected back to $145. While this move left investors discouraged and concerned, bulls never lost hope and kept focusing on the near-term goal at $200.
The same bullish price action can be said of Ethereum, which stopped within inches of $4,000 and retreated to confirm support slightly above $3,600. Ether is trading above $4,000 and is close to cracking the immediate hurdle at $4,200 before completing the home stretch trip to $4,400.
Solana is seen trading at $182 at the time of writing. This follows a majestic liftoff from support at $145. The 50-day Simple Moving Average (SMA) has been an incredible contribution to SOL’s support, ensuring that the token did not bleed excessively to hamper recovery.
For now, the least resistance path is upward, according to the Moving Average Convergence Divergence (MACD) indicator. As the 12-day EMA moved above the 26-day EMA, the odds for another rally soared. With the MACD lifting above the mean line, it is expected that Solana will keep the uptrend to $200 unbroken.
SOL/USD Daily Chart
Polkadot bulls are keen on sustaining the gains accrued lately, first by defending the critical support at $40 and secondly, pushing for advancement to the record high slightly above $50. As Solana and Ethereum hit higher highs in the last 24 hours, DOT brushed shoulders with $45.
However, a correction appears to be building momentum, with Polkadot trading at $43.7. If this overhead pressure spikes, DOT will likely approach the demand area in green at $40.
DOT/USD Daily Chart
The Moving Average Convergence Divergence (MACD) will have to affirm the sell signal for traders to consider offloading the token. Note that support at $40 is strong enough to keep the price afloat, allowing bulls ample time to plan the next mission to the record highs.Source