25 April, 2024

Polkadot and Solana Exhibit Signs of Growth Amidst Market Volatility

09 Aug, 2023

09 Nov, 2023

  • Polkadot shows signs of recovery, trading at $5.04, up 1.50% in 24 hours.
  • Solana’s Total Value Locked (TVL) surges by 14%, defying bearish market trends.
  • Technical indicators suggest a bullish momentum for both DOT and SOL.

Polkadot (DOT) a leading cryptocurrency once beleaguered by the bearish market, demonstrates resilience as it maneuvers toward recovery. Despite a week marked by declines and unimpressive social metrics, DOT’s latest price indicators and bullish technical signs suggest that a rebound is imminent. 

DOT’s presence on social media platforms has surged in the past seven days, reflecting a community stirred by excitement and anticipation. While these discussions and mentions have been abuzz, considering the bulls’ strength, the path to recovery remains strenuous.

Following Bitcoin’s breakthrough above the $30k benchmark on 8th August, there was a ripple effect across other cryptocurrencies, indicating a possible rejuvenation. However, Polkadot’s trading volume wasn’t at its zenith. In the last quarter, its volume maintained a subdued pattern for the most part, occasionally hitting a few high notes.

At the moment, Polkadot stands at $5.04, marking a 1.50% increase over the past day. With a market cap climbing to $6.27 billion, it proudly secures a spot among the top 12 cryptocurrencies. Even though the seven-day price trend for Polkadot remains bearish, the last 24 hours have witnessed a positive upswing. 

Over the past seven days, the  Polkadot token has seen some impressive losses, declining by 2.13%. This dip was a product of the volatile crypto market, reacting to diverse news from the industry. However, there’s a silver lining as the token is on an upward trajectory, regaining its ground from a low of $4.96.

Source: TradingView

The technical indicators for the DOT display a positive trend. The MACD indicator, used to gauge the momentum of an asset’s trend, showed signs of bullishness as it moved above the 0-level mark. The MACD line is also above the signal line, indicating a potential uptrend. Furthermore, the RSI indicator is at 56.06 and displays a neutral sentiment. If the bulls continue to push DOT’s price higher,  it could reach overbought territory and cross the 70-level mark.

On the other hand, Solana has been in the background, enjoying a period of calm. However, a closer look reveals an impressive ascent in its TVL, signaling potential growth. Recent data showcases a 14% spike in Solana’s TVL over a month. Among the blockchain networks analyzed, Solana and Optimism were the only ones with a positive TVL trajectory.

In recent market developments, the SOL token is witnessing a bullish momentum, with its price standing at $24.57 at the time of reporting. This represents a 6% increase in value over the past 24 hours, indicating a strong buyer-driven market. SOL’s 24-hour trading volume has reached $509 million, contributing to a daily market capitalization of over $9 billion. This remarkable performance cements Solana’s position as the 9th largest cryptocurrency by market cap, reflecting its growing significance in the crypto landscape.

Source: TradingView

The daily technical indicators for SOL show a bullish outlook for the near term, 20-EMA is above the 50-EMA, indicating a bullish trend. The Relative Strength Index (RSI) has been trading above 60 levels with bullish momentum. Currently, the RSI is at 68.97 and is expected to break the 70 levels soon, which could strongly indicate a further upside in price. The MACD indicator also trades in bullish territory, with the MACD line crossing above the signal line. 


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