September has most cryptocurrencies turning bearish. That followed multiple unwelcoming developments, including the intensified clampdown by China. However, different assets witnessed varying actions. Some digital coins plunged during November’s first week and struggling to recover from the crash. Meanwhile, some of them saw smooth moves with slight gains.
However, others such as DYDX saw their prices rising. In this article, we will analyze what Solana and Algorand had for their enthusiasts. This alternative asset recorded lucrative actions as most tokens struggled throughout this month.
Algorand Daily Analysis
Algorand witnessed bullish actions this month as the market remained filled with retracements. The second attack by China on the crypto market weighed on most assets, forcing them lower. On the other hand, Algorand surged higher after a brief drop early on the month. ALGO climbed to $2.55 from $1.
Meanwhile, the recent crypto clampdown hurt the market sentiment immensely. That saw Algorand suffering gradual retreat during mid-September sessions. However, the 50 Simple Moving Average has served as support for the past few days. Yesterday, the alt bounced from this Moving Average before dropping to retest 50 SMA while writing this content.
For now, Buyers battle to retain their positions after the market bounce yesterday. That is enough to support ALGO/USD upside moves. Also, the stochastic indicators stay oversold, depicting bullish reversals soon, unless China stiffens its clampdowns further.
However, the crypto market seems unbothered by China’s attack as it witnessed similar moves before. For that reason, some analysts believe that this is an opportunity to purchase Algorand. That way, the alt will likely explore price highs in the sessions to come.
Solana Chart Analysis
Solana has depicted bullishness over the recent months, surging from $23 in July to hover at $215 early in September. Moreover, SOL/USD is higher this month as it started at near $107. Like ALGO, SOL maintained an upside attitude in the past few days, showing high resilience even when the market suffered a crash.
However, SOL encountered downswings as well. For now, Solana has an incoming triangle formation, suggesting a breakout in the coming trading sessions. Analysts believe it to be a bullish breakout since SOL/USD has retreated lower. With that, Solana enthusiasts can expect bulls to dominate after the negative crypto sentiment ends.
