Decisive Time for Fantom Crypto (FTM), Solana (SOL) Buyers

Fantom and Solana have been two of the most bullish cryptocurrencies from August until September, surging more than 10 times in value. But, the bearish sentiment in the crypto market has been weighing on all digital coins, pulling FTM and particularly SOL coin lower. Although as we have mentioned before, this pullback is a great opportunity for traders to start loading on cryptocurrencies at a much cheaper price. We are long on FTM/BTC and are thinking about SOL, so let’s see what the chart history looks like for both of them.

Fantom Daily Chart Analysis – FTM to Push Above the 3rd Support

The Fantom network has been expanding fast since its launch in 2019, being one of the leading DeFi blockchains, while FTM transactions have exceeded those on Ethereum at 1.2 million. Fantom offers great yields, which keep attracting major investors, which is bringing Fatnom further into the mainstream.

Yesterday we heard that Stader Labs which is a cryptocurrency staking infra platform is expanding to Fantom, bringing liquid leveraged staking. This means reinvesting your capital over and over with a small fee and earning interest on all the reinvestments.

This means that FTM will remain in demand and the price action of the recent months confirms that, as the retreat in FTM has been small compared to the rest of the market. FTM/USD found support at the support zone below $2 after the latest pullback and now it is looking to break above the next support/resistance zone around $2.50. At the moment, Fantom buyers are gathering strength, so that level will likely be broken soon.

Solana Daily Chart Analysis – The 20 SMA Turning into Support for SOL/USD?

Solana looks tempting to buy around these levels

Solana is another strong competitor of Ethereum, attracting many developers to build applications on the Solana network that rank in the hundreds. Recently,  the Solana team introduced Solana Pay, which will enable merchants and e-commerce to accept crypto payments through digital wallets. Also, Amun which is a Solana index product provider, is introducing the SOLl token which will deliver low-cost and offer a 6% staking yield.

But, that wasn’t enough to stop SOL/USD from retreating more than 2/3rds of the value during the bearish period of the last three months. Although, the support at around $85 held for Solana, and the reversal began two weeks ago. In recent days we have seen another small retreat, but it looks weak and buyers are gearing up for another bullish move. The 20 SMA is holding as support so we are thinking about buying SOL coins around here. You can follow our trades on our live signals page.

SOL/USD