- Polygon and Solana are strong altcoin contenders for the top 10 crypto position.
- Polygon is in a consolidation phase, while Solana is on a continuous rise.
- At the moment, Polygon is ranked 35th, while Solana is ranked 15th on CoinGecko.
The altseason may have indeed come, signalled by Ethereum’s recent push beyond the $3,000 new all-time high (ATH), followed by other significant altcoin price rallies. As such, other altcoins such as Polygon (MATIC) and Solana (SOL) appear to be having extremely bullish runs.
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In fact, others may suggest that these two cryptos have a shot at making it to the top 10 list on crypto data sites. Will they actually do so? How high is their chance? Let’s find out in this Polygon (MATIC an Solana (SOL) price analysis.
Polygon (MATIC) Price Analysis 2021
Matic Network rebranded into Polygon not too long ago. The network found this fitting, as they are turning their vision of enabling Ethereum to become a full-fledged multi-chain system a reality. Given Ethereum’s meteoric pump today, will MATIC price also soar? Let’s head over to the chart in this MATIC price analysis 2021.
According to our 1-hour chart, MATIC is in a non-volatile state. There isn’t much movement in the last days except for some bare ups and downs. Also, the 30-day Exponential Moving Average (EMA) and 50-day Simple Moving Average (SMA) are plateauing, which confirm our suspicion.
What is more, the Relative Strength Index at 46 shows that MATIC is neither overbought nor oversold. This suggests that not many traders are planning to buy MATIC in bulk orders. At the same time, sellers are not keen on disposing of their MATIC holdings soon.
This may suggest that MATIC is not yet ready to become one of the top 10 cryptos today. But don’t let this trick you into ignoring MATIC yet. If we look a little further, we can observe that MATIC began its hike on April 25. What we may be seeing now is just an accumulation of support before an eventual climb again.
Currently, Polygon is ranked 35th on CoinGecko.
Solana (SOL) Price Analysis 2021
Meanwhile, Solana is a blockchain that aims to offer a more scalable decentralized application (DApp) creation platform for users, much like Ethereum. As an ambitious Ethereum competitor, will Solana also achieve a similar feat soon for its SOL price? Let’s check the chart in this SOL price analysis 2021.
In our 1-hour chart, we can see that SOL has been on a continual rise, although the increase is not as steep as Ethereum. This means that the crypto is actually gaining strength despite opposition. Other traders will find this appealing, especially those who plan to establish long positions.
Conversely, crypto prices that pump have more tendency to crash due to unestablished support bases. This is not the case with SOL, to the relief of its investors. The EMA and SMA also continue to rise, which suggest the possibility of SOL rising higher soon.
At the moment, Solana is ranked 15th on CoinGecko.
Disclaimer: The technical analysis expressed in this article does not necessarily reflect the views of CryptoNewsLand (CNL). Readers of this article should not take this as financial advice. CNL strongly recommends that all users do their own in-depth research before investing in cryptocurrency.
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