Cardano (ADA), Helium (HNT), and Solana (SOL) have been among the most successful cryptocurrencies this year in terms of gains and performance. Will they continue to rise, or will they experience a reversal of gains? We will attempt to analyze their movements and answer this question.
The blockchain is super-efficient; what about the coin?
Solana has gained massive traction thanks to its advanced features, innovative approach, and diverse memecoins. The Solana coin uses Proof-of-History, a unique consensus mechanism that sets it apart from other assets.
Solana has already broken records, recording gains of 500% over the past year. However, technical indicators are mixed, with oscillators indicating a “sell” and moving averages (MA) – a strong buy. This means SOL’s price might have risen too quickly, reaching a level that suggests it may be overvalued and due for a correction. The upward momentum could slow down, potentially leading to a price decline.
However, the current price is above key moving averages, confirming an ongoing uptrend. Oscillators might capture short-term overbought conditions, suggesting a potential pullback or correction. Moving averages are the indicator to watch, as they reflect the longer-term trend, indicating that the overall upward trend remains intact.
Cardano’s ADA broke below a key bullish trend line
Cardano has shown resilience, and ADA has gained 44% over the past year. Its price climbed earlier this morning, testing the $0.4565 zone. It’s currently trading at $0.4417, above the 100-hourly simple MA. A break was below a critical bullish level, and ADA found support at $0.44.
The first resistance level is around $0.450; the next could be $0.46. ADA could rally if there were a close above resistance at $0.4650. However, ADA might start correcting if its price fails to break $0.4465.
Helium (HNT) is a versatile player in Web3
Helium offers 5G telecommunications services, making it a flexible Web3 player and decentralized Wi-Fi network. It migrated to the Solana blockchain in March. The rollout of a new wallet version for iOS and Android impacted its value. Helium Mobile also announced plans targeting Internet services, which sparked investor interest in the coin.
As a result of these developments, HNT has gained 173% over the past year. HNT is trading above the 50-day moving average but below the 200-day one. Being above the 50-day MA suggests it has been doing well over the past 50 days. It shows an upward trend and medium-term strength.
However, being below the 200-day MA indicates it’s still in a longer-term downtrend. Despite recent gains, HNT has not recovered from longer-term downward pressure.
