After retesting $42,000 support on Thursday, Bitcoin price steadied above $43,000 in both the European and US sessions, sustaining at least a 2% gain in 24 hours. Top altcoins to buy like Solana (SOL) and Chainlink (LINK) spearhead the recovery, likely to improve sentiment into the weekend.

LINK rallied in double-digits, touching a 22-month high slightly above $18. The Oracle token has in the last seven days sustained an uptick, increasing by 30%, outperforming both Bitcoin and Ethereum.

Read also: Bitcoin Price Eyes Parabolic Rise In 2024 But Has Q1 Altcoin Hype Cycle Started? 

According to Rekt Capital, an analyst and trader with over 394k followers on X, this rally could mark the beginning of a quarter 1 “altcoin hype cycle.” In Q4 Solana emerged as a top performer backed by a commendable trajectory from around $20 to #125.

Both $SOL & $LINK kickstarted the 1st wave of Altcoin rallies months ago

They were the top performers in the Q4 Altcoin Hype Cycle of 2023

Both #SOL & #LINK are rallying today, outperforming yet again

Market may be gearing up for a Q1 Altcoin Hype Cycle#Solana #Chainlink pic.twitter.com/6mqclYIReQ

— Rekt Capital (@rektcapital) February 2, 2024

Why Is Solana (SOL) Among The Top Altcoins To Buy

Solana has been showing strength all week except for the period of volatility on Wednesday and Thursday which was due to pressure from the Federal Reserve as Chair Jerome Powell scattered hope for the first rate cut in March.

The smart contracts token returned below $100 but bounced off the low range support at $98 reinforced by the 200-day Exponential Moving Average (EMA) — the purple line on the chart. This drop followed an early week breakout to $106.

Solana is currently battling resistance at $100, maintaining a 5.5% gain in the last 24 hours.

Solana price chart | Tradingview

Solana’s outlook on the four-hour chart reveals that finding support above $100 could steady the uptrend and trigger a signal on the Moving Average Convergence Divergence (MACD). A bullish crossover occurs when the blue MACD line flips above the red signal line, improving sentiment and encouraging traders to buy SOL. The next breakout above $125 (December peak) would usher in a FOMO-driven rally toward $200.

Is Chainlink (LINK) Gearing Up For Further Gains?

Chainlink broke out on Friday during the Asian and European sessions in a move that has seen it escape a long-term descending trendline resistance. After trading a 22-month high above $18, LINK seems prime for gains beyond $20.

However, bulls must prove their readiness by closing the day above $18 to maintain the positive sentiment.

Ali, a crypto analyst, in an insight shared on X, said that on-chain data pinpoints a significant resistance at 20 where 5,330 addresses previously purchased 8.59 million LINK.

#Chainlink appears primed for further gains! On-chain analytics reveal a significant resistance level at $20, where 5,330 addresses collectively hold approximately 8.59 million $LINK. pic.twitter.com/cO1or7FRCd

— Ali (@ali_charts) February 2, 2024

With a successful retest of the resistance, Chainlink could carry on the uptrend targeting its all-time high of $52. A delay in climbing above this same hurdle will encourage consolidation between $12 and $18, allowing LINK to collect liquidity before moving higher.

Jupiter (JUP) Keeps Uptrend Steady

JUP, a token native to Jupiter exchange, continues to create a buzz across the crypto landscape as traders stream to exchanges to seek exposure following an airdrop.

The price stayed in the green on Friday, with its value growing by 2.6% to $0.61 despite JUP’s trading volume decreasing by 54% to $700 million in 24 hours.

JUP price chart | Tradingview

The latest price outlook reveals the struggle to break resistance at $0.64. If pushed out of the way, JUP would move higher to $0.66 as part of a potential trajectory to $1. Traders should look out for ascending trendline support which will likely springboard the token to higher levels.

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The post Top 3 Altcoins To Buy Today February 2: Solana (SOL), Chainlink (LINK), Jupiter (JUP) appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am