Cosmos, Solana Price Analysis – 31 August

– FOMO and Euphoria drive SOL’s price towards the moon, nearing $120.
– Cosmos battles a crucial barrier near $24 with the potential to rally to $28.

Solana (SOL) enjoys bullish waves, increasing by 450% from its lows in July. The previous weekend had the asset exploding past the $100 mark. Such meteoric rise came almost one day after the token retested the $65 support. Meanwhile, the daily close beyond $100 resulted in another upside move. For now, Solana appears close to the $120 price level.

On the other part, Bitcoin (BTC) appears resilient over the critical support zone at $46,000 due to the soaring on-chain demand (Glassnode reports). For now, the crypto necessitates upside catalysts to hit the $50,000 price level. Overcoming this zone might see the dominant crypto climbing towards the $60K mark.

Besides tokens such as Ethereum, Cosmos, and Solana, the overall crypto market appears underwater today. That comes as the market remains without positive development to trigger price changes.

Solana

Solana’s surging streak since July slowed at $80, allowing the token to test the $70 – $65 support. Over the weekend, the asset registered recoveries, its price moving past $100. After that, the cryptocurrency saw corrections, testing its new support near $90. Meanwhile, the close beyond $100 had bulls taking control at the Asian session on Tuesday. SOL exploded towards another ATH at $118, nearing the $120 level.

Remember, SOL’s rally seems to continue, driven by increased retail and institutional demand and FOMO. The moving average convergence divergence (MACD) remains highly bullish, indicating the possibility of rallying past $120.

Cosmos

Cosmos is another altcoin trading higher by double-digits on Tuesday. While writing this, the token hovers near $23.2 as bulls target a break beyond the $24 resistance. A daily close over this obstacle will see ATOM eyeing $28. With that, Cosmos will be $4 away from its ATH.

According to the technical outlook, the Cosmos trend appears to favor bullishness. The MACD supports the asset’s prevailing rally as its stays above the mean-line.

Meanwhile, ATOM is yet to see overbought regardless of the rally. That is according to the RSI. The indicators maintain over the 70 levels, confirming Cosmos surges. With that, the token has a higher probability of climbing to $28.

Stay tuned for the latest crypto news.

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