While Bitcoin (BTC) garners widespread attention with its surge above the $52,000 mark, astute investors are turning their focus to the altcoin sector, where Chainlink (LINK) and Solana (SOL) are on the cusp of significant price movements. Both altcoins are drawing interest as they approach crucial breakout points.
Chainlink Eyes Key Resistance Level
Chainlink’s encounter with the $20 mark over the weekend resulted in resistance, but the cryptocurrency is showing signs of a potential surge, trading close to the $19.97 level with a 6% uptick from the previous day. This upward trend is buoyed by a marked increase in network activity and a shrinking supply across trading platforms, hinting at a bullish tilt for Chainlink.
Chainlink’s price ascent coincides with several positive on-chain metrics, including upticks in both Active Wallet Addresses and Daily Active Wallet Addresses, along with a notable drop in the supply available on exchanges. The peak of active wallet addresses hit 6,493 early in February, while the supply of LINK on exchanges saw a sharp decline from 219.51 million to 211.61 million this month. These factors suggest reduced selling pressure, and if LINK can sustain a breakout past $20 with strong trading volumes, it could set off a wave towards the $25 mark.
Solana Displays Bullish Patterns
Crypto expert Rekt Capital has spotlighted a bullish pattern within Solana, indicating a potential for the continuation of its rally. Despite a minor setback, SOL is maintaining its positive momentum and appears to be forming an Ascending Triangle pattern.
Rekt Capital notes the critical nature of Solana regaining the triangle’s apex as a support level to secure the breakout. Achieving this could lead to a climb beyond the $123 resistance, and potentially up to $140, reflecting the increasing confidence in Solana’s market trajectory.
Trading at $115 with a $50.5 billion market capitalization, SOL, like Chainlink, is under the investor radar as opportunities for breakouts become more evident. These movements underscore the vibrant nature of the crypto market, which is replete with diverse investment and trading possibilities beyond the current Bitcoin rally.