Polkadot (DOT) and Solana (SOL) Remain Bullish; Short Term Technicals Indicate Upsurge
Franklin Smith
2 min read
Bitcoin had its price rising past the $51,000 mark. The bullish case had alternative tokens reflecting optimistic sentiments. Polkadot, Solana, and VeChain showcased continued bullishness on their respective charts.
These alternative tokens have witnessed considerable gains within the past week, accumulating double-digit surges. For now, the trio remains beyond their immediate price barriers. Continued upward price movements will have the alt overcoming their nearest resistance areas.
SOL/USD 4Hr Chart
Solana had its price sandwiched within an ascending channel. However, the alt’s price actions created an ascending wedge setup that might translate to an incoming bearish momentum. The altcoin’s closest support floor stands at $203.08. Breaching this level will see SOL hitting value areas of $192.02.
Though the asset has higher chances of enduring bearish price movements, short-term technicals suggest bullish actions. The Relative Strength Index (RSI) remained positive, beyond the midline. That showed buyers rejoining the markets.
The Awesome Oscillator flashed red histograms, awaiting a bearish outlook. Furthermore, Chaikin Money Flow remained beyond the midline as SOL’s capital outflows decreased within the past few days. If pullbacks fail to surface in the incoming sessions, Solana will encounter an overhead resistance at $225.79.
DOT/USD 4Hr Chart
Polkadot had its price wavering from $32.49 after bullish actions that emerged from the formed descending wedge. DOT gained 26.6% within the past seven days, and the last 24 hours witnessed its price increase by more than 11%.
If bulls push Polkadot high, it can approach the resistance market at $37.99. Overcoming this area will see DOT climbing towards $44.47. Meanwhile, the alt has retained bullishness and stands beyond the 200 Simple Moving Average, indicating a positive mood in the alternative coin.
The coin’s immediate support stood at $31.72. The relative Strength Index (RSI) stayed beyond the half-line as DOT was inside the overbought area. OBV also displayed a bullish outlook as buying momentum dominated the marketplace amid overvalued conditions by Polkadot at this publication.
Though the somewhat downbeat in the crypto space now, most alts exhibit bullish tendencies. That means the current downtrends are to gather strength for upsurges.
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