Solana (SOL) price has risen 12% over the past week, and recent developments suggest there could be even more room for growth. With the Relative Strength Index (RSI) dropping to 61 from overbought territory, SOL now has space to move upward without immediate selling pressure.

Additionally, the impressive activity on Pumpfun, one of Solana’s biggest applications, is fueling user engagement and ecosystem growth. Both the cooling RSI and the surge in Pumpfun metrics could be key drivers for further price increases in the coming days.

SOL RSI Is Below the Overbought Stage

SOL’s RSI has recently dropped to 61, down from over 70 just a day ago. This shift suggests that the buying pressure has cooled down a bit, moving away from overbought conditions. An RSI above 70 often indicates that an asset is overbought and a pullback is likely.

Now that the RSI is below that critical threshold, it signals that there could be room for the price to continue its upward movement without facing immediate selling pressure.

Read more: 13 Best Solana (SOL) Wallets To Consider in October 2024

The Relative Strength Index (RSI) is a momentum indicator that measures the speed and change of price movements. It ranges from 0 to 100, with values above 70 indicating an overbought condition and values below 30 suggesting an oversold state.

Despite SOL price being up by 12% over the past seven days, the recent drop in RSI below 70 could be a positive sign. It implies that the recent surge wasn’t excessively overextended, leaving space for further gains. With RSI now below the overbought level, there may be more potential for price growth in the coming days.

Can Pump.fun Metrics Drive Solana Growth?

Pump.fun, one of the largest applications in the Solana ecosystem, has been setting record after record recently. Since October 14, the platform has seen more than 20,000 coins launched per day, peaking at an all-time high of 34,094 coins on October 22.

This spike in coin launches is significant because Pumpfun now accounts for almost 50% of daily DEX transactions and volume in the Solana ecosystem. Such high levels of engagement could lead to a new price surge for Solana, much like what occurred between March and April.

Back then, the exponential growth in coins launched on Pumpfun coincided with SOL’s price rising from $107 to $209 in just three weeks. The increased activity signals greater user engagement, which could naturally drive SOL’s price higher once again.

SOL Price Prediction: Back To $194 Soon?

SOL is currently trading above all the EMA lines, reflecting strong bullish momentum. The short-term EMA is acting as immediate support, indicating that buyers are actively stepping in during minor pullbacks.

The alignment of the EMA lines, with shorter-term EMAs above the longer ones, further supports this positive trend, showing healthy continuation potential.

Read more: Solana vs. Ethereum: An Ultimate Comparison

If SOL manages to break above $182.46, it could test $194.04 soon, its biggest price since July. Support areas are marked at $165.37 and $147.55 — both are crucial for maintaining the current uptrend.

The EMA configuration, alongside these support and resistance levels, suggests that the bullish trend is still intact, with room for growth if buying momentum continues.

LINK, the native token of the leading decentralized oracle network Chainlink, has noted a 5% price surge over the past 24 hours. It currently trades at $11.76, with a 2% hike in trading volume during that period.

On-chain, the altcoin shows signs of renewed bullish momentum, suggesting a potential double-digit rally in the near term. This analysis explores why this is bound to happen. 

Chainlink Witnesses Increased Demand

LINK’s Exchange Netflow is the first indicator worthy of note here. The altcoin has recorded consistent negative exchange netflows over the past 30 days. On Thursday, the trading session ended with 667,290 LINK tokens taken out of cryptocurrency exchanges. 

An asset’s Exchange Netflow measures the net amount of its tokens flowing into or out of exchanges. Negative netflows occur when more tokens are leaving exchanges than entering them, suggesting that holders are moving their holdings off exchanges.

Such a trend typically signals accumulation by holders. When holders withdraw assets from exchanges, they often transfer them to cold storage or private wallets for long-term holding.  This is a bullish signal for the market as it reduces the token’s availability for short-term trading, improving its price action.

Read more: How to Buy Chainlink (LINK) With a Credit Card: A Step-By-Step Guide

Furthermore, Chainlink’s large investors or whale addresses have increased their holdings, supporting the bullish outlook. According to BeInCrypto’s analysis of LINK’s supply distribution, whale addresses holding between 10,000 and 1,000,000 LINK have accumulated 11 million tokens in just 30 days — an investment exceeding $130 million at current market prices.

This group of holders now collectively holds 221 million LINK tokens, marking their highest balance since December 2017. The uptick in whale accumulation is a bullish signal because it reduces LINK’s available supply, signals confidence, and can also prompt retail investors to buy, all of which can contribute to a price increase.

LINK Price Prediction: Uptrend is Certain If Demand Remains

LINK is trading at $11.76, having rebounded from support at $11.24. Growing demand for the altcoin, highlighted by an increasing Relative Strength Index (RSI), is pushing it toward resistance at $13.73.

The RSI, now at 55 and climbing, indicates that buying interest is outweighing selling pressure, signaling bullish momentum. A successful breakout above this resistance could set LINK on a path to a target of $15.47.

However, should demand weaken and LINK fails to beat resistance, it may trend downward to retest support at $11.24. If this level does not hold, Chainlink’s price could fall further to $9.98.

First Neiro on Ethereum (NEIRO) is one of the few meme coins that registered a price increase in the last 24 hours. Within that timeframe, many meme coins saw their values plummet, but NEIRO’s crypto price gained 11%.

This development has sparked curiosity about NEIRO’s resilience. Through this on-chain analysis, BeInCrypto breaks down the factors contributing to the meme coin’s recent performance and explores potential price trajectories moving forward.

First Neiro on Ethereum Volume Rises, Whales Follow

According to Santiment, NEIRO’s price increased due to the surge in volume. In simple terms, a cryptocurrency’s volume represents the total of all buy and sell transactions within a specific period. 

An increase in volume indicates active buying and selling, while a decrease suggests lower investor engagement with the token. On Thursday, October 24, the meme coin’s volume almost dropped below $300 million.

However, at press time, the value had increased to $512.84 million, indicating rising interest in the token. Should the volume continue to rise, then NEIRO’s crypto price might also follow in a similar direction.

Read more: What Are Meme Coins?

Another factor contributing to the meme coin’s price increase is the activity of large-scale investors. Earlier in the week, the balance of addresses holding over 1 billion NEIRO tokens was below 318 billion. 

Today, that figure has risen to 322.72 billion, indicating that whales have been accumulating the token in significant amounts.

Typically, when whales purchase substantial amounts of tokens, it tends to have a positive impact on the price. As a result, it was inevitable for the token’s value to rise.

NEIRO Price Analysis: Bullish

At press time, NEIRO’s price is $0.0016. According to the daily chart, the Chaikin Money Flow (CMF) has turned upwards. 

The CMF oscillates between +1 and -1, with a centerline at 0, providing insights into market sentiment and potential price movements. With these values, the CMF can gauge accumulation (buying pressure) and distribution (selling pressure).

It also aids in interpreting key market signals, such as entry points and exit levels. When the CMF reading rises, it indicates increasing buying pressure, suggesting that more investors are accumulating the asset. 

Conversely, a decline in the CMF reading signifies distribution, indicating that selling pressure is present and investors are offloading their holdings. Therefore, in NEIRO’s crypto case, the rising reading indicates that buying pressure is present and the price might increase.

Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024

In this instance, the meme coin’s value could surge to $0.0020. However, if distribution overtakes accumulation, the price might drop to $0.0011.