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.

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.

BitFuFu, a cloud miner partnered with Bitmain, acquired an 80-megawatt Bitcoin mining facility in Ethiopia. This purchase is part of an overall strategy shift from BitFuFu, with more global presence and direct asset ownership.

The Grand Ethiopian Renaissance Dam (GERD) is Ethiopia’s most popular destination for miners, but BitFuFu has not confirmed the site will be here.

BitFuFu’s Ethiopian Strategy

BitFuFu, a Singapore-based cloud mining company partnered with Bitmain, announced in a press release the acquisition of an 80-megawatt Bitcoin mining facility in Ethiopia. Bitmain, an early investor in BitFuFu, has been significantly expanding its Bitcoin mining investments this year. According to the press release, BitFuFu is “Bitmain’s sole strategic partner in the cloud mining space.”

Read More: BitFuFu Review 2024: A Guide to The Cloud Mining Platform

This facility will be a substantial expansion to BitFuFu’s mining capabilities. Before this, most of BitFuFu’s infrastructure was based in the United States and hosted by third-party providers. The new facility will boost BitFuFu’s capacity by 13%, aligning with the company’s shift from an “asset-light” strategy to owning a more diversified portfolio of mining assets.

“This acquisition is a critical milestone as we work to vertically integrate and transition towards a more diversified and resilient portfolio of Bitcoin mining sites. As we integrate this facility into our global infrastructure, we can capitalize on lower energy costs to reduce Bitcoin production expenses, expand our operational capacity, and enhance profitability,” said CEO/Chairman Leo Lu.

Ethiopia has emerged as a popular destination for Bitcoin miners in recent years, particularly attracting investment from Chinese firms following China’s 2021 mining ban. The key draw for these investments is the Grand Ethiopian Renaissance Dam (GERD), a vast hydroelectric facility that offers ample power supply, making it appealing for Bitcoin mining operations.

Despite the Grand Ethiopian Renaissance Dam (GERD) being a growing hub for international mining in Ethiopia, BitFuFu has not confirmed that its new facility will be located there. Given Ethiopia’s limited electrical grid, GERD seems like the most viable option for large-scale mining operations. Additionally, with BitFuFu’s strong business ties to Chinese firm Bitmain, the connection to GERD appears likely, though the company has yet to officially disclose the location.

Read More: The Best Countries to Mine Cryptocurrency in 2024

In any case, this major acquisition in Ethiopia will significantly boost BitFuFu’s global presence and strengthen its competitiveness in international markets. While the company’s press release did not reveal the price of the new facility, the purchase is positioned as the first step in a broader strategic expansion.

“Moving forward, we aim to strengthen our global position by acquiring or building additional facilities and drive further innovation in the digital asset mining sector while delivering long-term value to our shareholders,” Lu stated.