Altcoins
Could Solana and this popular altcoin soon go bullish? Will they surpass Bitcoin and Ethereum?
The intensification of bearish action over the weekend has been a major concern for cryptocurrency markets today. Bears are rapidly taking weekly profits, leaving market participants puzzled over the next course of action. However, two of the most popular altcoins, Solana and Chainlink, are battling the bearish heat, which could result in a new bearish period or a strong rebound.
Will Solana hold the support zone at $140?
The start of the month was largely bearish after the bulls failed to hold the levels above the gains. Moreover, the past weekend also turned out to be bearish, which squeezed out the gains made in the last two days. This may have led traders to disbelief as the bulls are facing a tough challenge from the bears, which could turn the tables for the Price SOL rally.
Solana price is heading towards the lower support of the descending triangle as the bearish pressure increases on the token. The Ichimoku cloud remains bearish, which validates the bearish claims. However, the OBV or on-balance indicator, the volume-based indicator, is demonstrating a bullish reversal. Hence, it indicates that fresh buying volume has entered, causing a fresh increase. Therefore, SOL price may maintain an upward consolidation to reach $138, which may push the levels above $140 in the next move.
Will Chainlink Drop Below $10?
Chain price has broken below the crucial range that has acted as a strong support zone since the beginning of the year. This has increased speculations that the price will maintain a strong downtrend to mark monthly lows below $10. However, the bears do not seem to be lucky enough as the bulls could successfully maintain the rally above $12 regardless of the increasing upward pressure.
Looking at the chart, we can see that LINK price might remain under bearish captivity and seek lower targets. However, the low RSI and neutral DMI suggest that the bulls might be passive at the moment but may soon regain momentum anytime soon. Until then, Chainlink (LINK) price is expected to remain consolidated between $13.06 and $12.21, which provides a solid base to build strength. Once that is done, a strong recovery could lead the rally above $15 after clearing the major resistance at $13.69.