Market
Chainlink (LINK) Price Rally Poised to Break Resistance
Chainlink (LINK) price is up roughly 4.5% in the last 24 hours and 8.2% over the past week, signaling renewed momentum. This recent growth has been supported by increasing whale accumulation and rising RSI, reflecting positive sentiment.
The bullish setup of EMA lines suggests there could still be room for further gains, though caution is needed as LINK nears overbought levels. Key support and resistance points will determine whether the current uptrend continues or faces a potential pullback.
LINK Whale Accumulation Pauses: What Comes Next?
The number of addresses holding between 100,000 and 1,000,000 LINK has been steadily increasing over the past week, rising from 525 on October 14 to 541 by October 20. This accumulation by whales coincided with LINK price rising from $11.26 to $11.95 in the same period.
However, between October 20 and October 21, the number of whale addresses holding LINK remained stable at 541, indicating a pause in accumulation.
Read more: Chainlink ETF Explained: What It Is and How It Works
Monitoring this metric will be key to understanding whether whales resume buying, which could signal expectations of further price increases, or if they maintain their positions, hinting at a possible consolidation or decline in LINK’s price.
Chainlink RSI Nears Overbought: More Gains Before a Pullback?
LINK’s Relative Strength Index (RSI) is currently at 63.96, up from 55 just yesterday. This increase indicates growing momentum, with buying pressure pushing the asset closer to an overbought state.
The RSI is a key indicator used to measure the speed and change of price movements. Values above 70 typically indicate overbought conditions, and values below 30 suggest oversold conditions.
With an RSI of 63.96, LINK is approaching an overbought state but hasn’t quite reached that level yet. This suggests there may still be room for the price to grow before hitting potential resistance due to overbought conditions.
If buying continues, LINK price could experience further gains before a possible correction.
LINK Price Prediction: Can LINK Get Back to $13 In October?
The EMA lines for LINK on the chart are showing a bullish setup, with the shorter-term EMAs above the longer-term ones. This arrangement of the EMA lines, along with their upward slope, indicates that momentum is in favor of the bulls.
The price is currently trading above all these EMAs, suggesting continued strength.
Read more: Chainlink (LINK) Price Prediction 2024/2025/2030
LINK also has key support and resistance levels that are important to monitor. The immediate support is at $10.86, and a break below this level could indicate a potential pullback to $9.94. That would mark an 18% price correction.
On the upside, the price is approaching resistance at $12.97. If LINK manages to break through that one, it could rise as far as $13.91, a potential 14% growth.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
How Uniswap Trading Volume Surged After Latest Upbit Decision
Uniswap (UNI) trading volume has increased by 150% within the last 24 hours, surpassing $400 million for the first time in almost 10 days. This development happened after the South Korean exchange Upbit listed new trading pairs for the altcoin.
In addition to the volume, UNI’s price also reacted to the development and rose above $8. Here is how it all happened and what could be next for the token.
Uniswap Sees Massive Growth in Volume and Network Activity
Upbit had previously listed Uniswap (UNI) with only a Bitcoin (BTC) trading pair on the spot market. However, earlier today, the exchange revealed that UNI has been added with additional trading pairs, including the Korean Won (KRW) and the USDT stablecoin.
Before this announcement, Uniswap’s trading volume was under $200 million, and its price hovered around $7.40. After the news broke, the price surged to $8.33, and the trading volume skyrocketed to $470 million.
This sharp rise highlights the growing interest in UNI from the Asian market, though it might not be entirely unexpected. Similar Upbit listings have triggered comparable reactions in the past. For example, MEW hit a new high after its listing, while Injective (INJ) climbed 10% following its own Upbit listing just last week.
Read more: How to Buy Uniswap (UNI) and Everything You Need To Know
Along with the surge in volume, the number of active addresses on the Uniswap protocol also climbed. Active addresses measure the number of users completing successful transactions on the blockchain. An increase in this metric signals growing user engagement, which can potentially drive prices higher.
Conversely, a drop in active addresses indicates low user interaction, which, if sustained, might lead to a notable price decline. Given the current uptick in network activity, there is a possibility that UNI’s price could continue to rise if this trend holds.
UNI Price Prediction: Token Aims Higher
Based on the daily chart, UNI’s surge above $8 ensured that it broke out of a descending triangle. For context, a descending triangle appears when a cryptocurrency’s price hits lower highs, helping to form the falling trendline with horizontal support.
When it drops below the support, the price might continue to fall. But since UNI’s price broke out of the pattern, it suggests that the altcoin could go higher. Should the token remain above the technical pattern, then the price could rise to $9.04. In a highly bearish case, it could rally toward $11.51.
Read more: Uniswap (UNI) Price Prediction 2023/2025/2030
However, if Uniswap’s trading volume drops, this prediction might be invalidated. In that scenario, the altcoin’s value might sink to $5.62.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Toncoin (TON) Price Holds, Awaiting a Possible Trend Reversal
Toncoin (TON) price has recently shown signs of consolidation, with indicators pointing to a lack of clear momentum in either direction. The Relative Strength Index (RSI) and other technical indicators reflect neutral conditions, suggesting that the market sentiment is balanced for now.
The price is currently hovering near key levels, with neither bulls nor bears taking a definitive lead. Whether TON will break out of this range will depend on how the next few days unfold, potentially providing signals for a trend reversal or continued sideways movement.
TON RSI Shows a Neutral State
Toncoin’s (TON) Relative Strength Index (RSI) is currently at 44.38, down from 66 just one day ago. This drop indicates a weakening momentum, moving from a previously stronger position to a more neutral state.
The RSI measures the speed and change of price movements, and this decline suggests that buying pressure has eased, resulting in a more balanced market sentiment.
Read more: 6 Best Toncoin (TON) Wallets in 2024
The RSI is an important indicator used to assess whether an asset is overbought or oversold. Values above 70 typically indicate overbought conditions, and values below 30 suggest oversold conditions. TON price action shows a period of consolidation around $5.2, with a brief spike to $5.40 a few days ago.
The current RSI level, sitting at 44.38, suggests that this consolidation could continue, as there is no clear momentum in either direction for the TON price at the moment.
Toncoin Ichimoku Cloud Shows Consolidation
The Ichimoku Cloud for TON shows that the price is currently below the cloud, indicating bearish momentum. The leading spans, represented by the green and red clouds, are relatively flat. This suggests a lack of strong directional movement.
The price’s position near the base of the cloud reflects ongoing consolidation. This means it doesn’t show a clear indication of a strong upward or downward trend emerging in the immediate term.
Additionally, the moving averages are trending downward, and the price remains below these lines, further confirming the prevailing bearish sentiment. With the cloud providing resistance overhead and the price consistently hovering around the $5.2 level, TON appears to be in a consolidation phase.
If the price breaks above the EMA lines or the Ichimoku cloud, it could signal a trend reversal, but for now, the signs point to continued indecision and a potential period of sideways trading.
TON Price Prediction: Can TON Return to $6 In October?
The EMA lines for TON clearly indicate bearish pressure, with the short-term EMAs positioned below the long-term EMA. The downward slope of these lines signifies that bearish momentum is still in play.
The price currently trades near all of these EMAs, indicating consolidation. That also means the possibility of significant price movement in either direction depending on market conditions.
Read more: Top 9 Telegram Channels for Crypto Signals in October 2024
TON also has key support and resistance levels that help map out potential price action. Immediate support lies at $5.10, and if this level is breached, the next support is down at $4.42, which could signal a deeper correction. On the upside, resistance levels are marked at $5.42, $5.80, and $6.13.
A successful breakout above these resistance levels, particularly above $5.80, could suggest a reversal in momentum and a return to a bullish trend. However, until a decisive move occurs, TON seems to be trading within a range, showing a neutral to bearish outlook.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
What Solana Price Chart Says About the Altcoin’s Future
Solana’s (SOL) price chart shows that the altcoin could be on the verge of a 70% increase. In August, Solana’s price dropped to $130.
Today, it has climbed to $168, indicating that a potential breakout may already be underway. This analysis explains how SOL could rally beyond the current levels before the year ends.
Solana Forms Bullish Pattern on the Weekly Chart
According to the weekly chart, SOL has formed a cup-and-handle pattern. This figure appears when the price experiences a U-shaped recovery, resembling a “cup,” followed by a consolidation phase that looks like a “handle.”
Since March, SOL’s price has been consolidating between $127 and $201, indicating that the handle reflects indecision in choosing a specific direction. However, for the pattern to be validated, it has to break above the major neckline.
If this breakout occurs, the price could rise by an amount almost equal to the maximum distance between the cup’s trough and the neckline. For SOL, the token has broken above the neckline at $167. Therefore, the altcoin’s value might rise by 70% and possibly hit $285.
Read more: 7 Best Platforms To Buy Solana (SOL) in 2024
Besides this, the Bull Bear Power (BBP) on the chart shows that bulls are in control, and the prediction might come to pass. The BBP shows if the strength of buyers is stronger than those of bulls or if bears have the upper hand.
Typically, a negative reading means bears have more impact on the crypto’s price. A positive reading, on the other hand, indicates that bulls can push for a price increase, which is what appears to be in play.
Another factor that could positively influence Solana’s price is the increasing institutional adoption of the altcoin. Recently, asset management firm VanEck included staking for its Solana Exchange Traded Note (ETN) in Europe.
This move suggests that Solana might be the next in line for significant institutional interest, following the notable adoption of Bitcoin (BTC) and Ethereum (ETH).
SOL Price Prediction: Potential Rally to $176
From a short-term outlook, Solana’s price has bounced above the $155 support. A drop below this point could have triggered a notable correction for the cryptocurrency, but since it did not, SOL could move higher.
The Fibonacci retracement also appears to be supporting this move. Based on the Solana price chart below, if buying pressure increases, the altcoin could jump to the 78.6% Fibonacci retracement level. In that scenario, the token could hit $176.07, foreshadowing another hike toward $194.08.
Read more: Solana (SOL) Price Prediction 2024/2025/2030
However, if the price drops below the 61.8% Fib level, the forecast might not come to pass. Instead, SOL could decline to $142.06.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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