Chainlink Consolidates Where Solana Makes a Bullish Attempt: The Next Move May Shake Up the Altcoin Markets

CryptomonkFeb 09, 2024
Chainlink Consolidates Where Solana Makes a Bullish Attempt: The Next Move May Shake Up the Altcoin Markets

Even though the broader markets began the February trade within a consolidation, some of the tokens managed to start with a huge bullish push. Chainlink & Solana were among those who printed bullish candles at the start and began to consolidate later. Now that Bitcoin is gaining traders’ attention, SOL & LINK prices seem to be utilising all their strength to clear the immediate resistance. 

Will Solana & Chainlink begin with a fresh consolidation phase or are they preparing for the next price action?

The Solana price is close to testing the crucial resistance at $105 for the fourth consecutive time since the beginning of 2024. While the previous attempts failed to raise levels, the current effort may eventually assist the price to secure the levels.

The SOL price is trading within a symmetrical triangle and is testing the pivotal levels, which also coincide with the interim resistance levels. The volume has decreased but the buying pressure has mounted up. Moreover, the RSI, which is trading within a parallel channel, has soared above the average bands with fewer chances of a pullback. Therefore, slowly and steadily, the prices are expected to clear the resistance zone and head towards the higher target above $115.

Will Chainlink Price Surpass the Crucial Resistance Zone?

The ChainLink price is under significant bearish pressure, as it has fallen below the resistance zone. The bears are expecting the price to begin with a fresh sideway accumulation by compressing the gains. Besides, the price trades within a bullish pattern but carries a huge possibility of plunging below the support. 

The technicals do not favour the bulls as the RSI has displayed a bearish divergence while the MACD is close to undergoing a bearish crossover. This suggests the price may return to its initial consolidation whereas the support at $16.42 may offer the base to trigger a healthy rebound. However, surpassing the pivotal resistance zone needs bullish support which may happen with a huge influx of buying volume.


This article is for informational purposes only. It is not offered or intended to be used as investment or other advice.

Lastest information

see all