While the bitcoin price continues to chop around $35,000, recording minimal price variation, altcoins have been displaying acute volatility. They are soaring with a double-digit margin as the money cycle appears to have moved into Ethereum and other altcoins, which may further switch on the microcap season. No sooner than the altcoin downtrend line was broken, popular tokens like Solana (SOL), Chainlink (LINK), etc. displayed massive movement towards the north, including Cardano (ADA), which had remained stuck within a narrow range.
Now that these tokens have been consolidating, here is what’s awaited for SOL, ADA, & LINK prices.
- Solana price is now testing the multi-year descending trend line and a weekly close above this line may lay the foundation for a strong uptrend
- However, the stochastic RSI that deviates closely from the price has reached overbought levels and hence indicates a potential pullback
- The SOL price may drop back to the lower support if the selling pressure rises slightly and hits the lower support below $35 or $33
- This move may attract bulls as the token may enter the liquidation zone, which may trigger a fresh upswing beyond $50
Chainlink (LINK) Price Analysis
- With the growing optimism among investors, the LINK price has maintained a significant upswing
- Despite the bearish interference, the trend remained elevated as the weekly buying volume remained significantly high
- Besides, the RSI has reached overbought levels and is in a position of trend reversal that may hinder the progress of the rally
- Therefore, the price may consolidate around the gained resistance of around $13.12 for a while and later rise back towards $18
Cardano (ADA) Price Analysis
- The Cardano price has been trading along a descending trend for more than 20 months and the recent upswing enabled the price to rise above these levels
- The buying volume has soared to some extent, which may further offer the required base for the ADA price to move towards the pivotal resistance zone above $0.4
- However, the weekly RSI is bullish, which suggests the price could maintain a healthy upswing in the coming days
- Therefore, if the weekly close is above the trend line, then the bears may not hinder the progress of the rally, and the ADA price may reach $0.6 with minimal efforts by the end of the year.
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