Solana and Kusama prices are steadying after profound losses in Q2 2021. SOL/USDT is bullish above $23, while KSM/USDT could rally to $580 if $280 is broken.
Solana (SOL)
The platform allows users, including institutions, to deploy DeFi dApps in a scalable, low-fee environment where SOL is the main currency.
Past Performance of SOL
As a functional platform, interoperable with the EVM, its activity-dense nature propped SOL prices.
At the time of writing, SOL is down over 60 percent from H1 2021 peaks, trending inside a descending wedge, shrinking four percent on the last day.
Day-Ahead and What to Expect
SOL has support at May and June 2021 lows at around the 61.8 and 73.6 percent Fibonacci retracement levels of the H1 2021 trade range.
The short-to-medium term price trajectory depends on the breakout direction, appealing to risk-averse traders who may pounce on any price expansion or dump below $23.
SOL/USDT Technical Analysis
The downtrend is clear, reading from SOL/USDT technical Analysis in the daily chart.
Buyers completing the W-Formation must find support at $23 and clear the resistance trend line above $30 for bulls targeting $40 and $58 in the medium term.
Conversely, a high volume dip below $23 could see SOL crash back to $12, pushing retracement from H1 2021 highs to over 75 percent.
Kusama (KSM)
The independent blockchain, described as a “Canary Network,” is Polkadot’s experimental ground built on Substrate powered by the KSM coin.
Past Performance of KSM
KSM prices are stuck in a sideways movement broadly inside a $130 zone with support at $150.
The consolidation will turn to accumulation if bulls take over, propelling KSM/USDT above $280 towards H1 2021 highs.
At present, KSM is stable, pinned down by low trading volumes.
Day-Ahead and What to Expect
From the daily chart, the contracting BB suggests decreasing volatility and momentum now that KSM/USDT prices are accumulating. The primary support is $150, as aforementioned, moving inside June 28 bull bar.
After dropping over 75 percent from $580, KSM/USDT medium-term trend depends on reaction at $150.
Losses could see prices crash to below $100, while recovery would be a shot in the arm for bulls targeting $580.
KSM/USDT Technical Analysis
June 28 bull bar defines KSM/USDT short-term trend.
A close above $250 in confirmation of the three-bar bullish reversal pattern of late June 2021 would be the momentum to overcome $280, unwinding losses of June 21 and 22, signaling price bottoms.
In that case, risk-averse traders would find loading opportunities targeting $580.
- "
- 100
- active
- analysis
- ARM
- around
- Bitcoin
- Bitcoin Cash
- blockchain
- border
- breakout
- Bullish
- Bulls
- Cash
- Coin
- consolidation
- Crash
- Currency
- DApps
- day
- DeFi
- Environment
- expansion
- Figure
- High
- HTTPS
- Including
- institutions
- July
- Line
- medium
- Members
- Momentum
- network
- Pattern
- performance
- platform
- Posts
- present
- price
- rally
- range
- Rates
- reaction
- Reading
- recovery
- Solana
- Spot
- support
- Technical
- Technical Analysis
- time
- trade
- Traders
- Trading
- trending
- users
- Volatility
- volume
- Wallets
- WHO
- writing
