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.

Despite the lackluster performance of many cryptos this week, a few altcoins crypto whales bought and increased their exposure. 

In this analysis, BeInCrypto examines the top altcoins targeted by whales and explores the reasons behind their purchases. This week’s top picks include Immutable (IMX), Pendle (PENDLE), and Injective (INJ).

Immutable (IMX)

Immutable (IMX), the native token of the Ethereum-based layer-2 scaling solution Immutable, emerged as the top choice for crypto whales this week. 

Data from IntoTheBlock shows that the net flow of IMX held by large investors surged from 288,177 tokens to 16.02 million. This indicates a net purchase of around 15.71 million IMX tokens in October’s fourth week. 

At the current IMX price of $1.44, this influx amounts to approximately $22.62 million. According to BeInCrypto’s findings, this large accumulation could be linked to the upcoming token unlock, scheduled to take place in six days.

Read more: 10 Alternative Crypto Exchanges After Bybit Exits France

Despite this substantial buying activity, IMX’s price declined by 5% over the past seven days. However, if whales continue their accumulation, IMX could see a price rebound in the coming weeks.

Injective (INJ)

The Injective token is also part of the altcoins crypto whales bought this week. According to Santiment, the balance of addresses holding between 10 million and 100 million INJ moved from 80.49 million to 80.70 million. 

This surge in INJ accumulation indicates that crypto whales may anticipate a potential price increase. Additionally, the move could be tied to speculation that Injective might join the Artificial Superintelligence Alliance merger.

Despite the accumulation, INJ’s price dropped by 7% this week. But if whales continue to buy the altcoin, then a recovery could be an option in the short term.

Pendle (PENDLE)

Unlike IMX and INJ prices, PENDLE produced a positive return this week as the price climbed by 8%. Amid this price increase, crypto whales decided to buy the token, which enhanced the trading of future yields on the Pendle protocol.

On October 23, the large holders’ netflow was 165,260. But as of this writing, the figure has increased to 1.33 million, meaning whales bought about 1.16 million PENDLE tokens, valued at $5.42 million.

The exact reason behind whales’ recent purchases of Pendle remains uncertain. However, the current buying activity could suggest a “buy the dip” approach, as PENDLE is trading 37% below its all-time high. 

Read more: Which Are the Best Altcoins To Invest in October 2024?

Should this buying momentum persist, PENDLE’s value may see an upward move in response to increased demand. Conversely, if whales reduce their accumulation, PENDLE’s price could face downward pressure.