The Future is Bright for Cardano and Solana as NFT Demand Soars

As the market frenzies are driven by NFT collectors, Cardano and Solana hold strong positions at market ranks 8 and 11, respectively, according to CoinMarketCap. Moreover, both cryptocurrencies are down in seven days by 4.50% and 8.37%.

Technical Analysis of Cardano

ADA/USDT 4-hour Technical Analysis (Source: TradingView)

The 4-hour chart of Cardano displays a bullish outlook for the future of ADA, with its trading consistently above the 200-day moving average since the beginning of 2023. The 50-day MA’s golden cross with the 200-MA, with trading now above it, further reinforces this positive momentum.

Additionally, the RSI values displayed at 43.42 on the 4-hour chart and 41.09 on the 1-hour chart suggest that Cardano is experiencing some corrections. It remains unclear whether this is simply a temporary setback before the bull run or if a more significant drop is imminent. Nevertheless, the formation of a bull flag on the 4-hour chart offers a bullish outlook for Cardano.

Technical Analysis of Solana

ADA/USDT 4-hour Technical Analysis (Source: TradingView)

Solana, a digital asset beloved by NFT collectors, also exhibits a bullish signal with a golden cross of its 50-day MA and 200-day MA, suggesting a bounce back from support and a bullish trend. Currently, Solana is displaying sideways movement. Investors should keep an eye out for a breakout in either direction to determine a clear position. Due to the booming nature of NFTs, Solana has been heavily loaded by NFT collectors.

Additionally, the RSI of Solana is displayed at 41.76. Should NFT collectors and investors increase their portfolio investments in Solana, it is expected that the RSI value will reach 70, potentially propelling Solana’s price back above $25.

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