The post Chainlink (LINK) and Solana (SOL) Brace for Price Surge appeared on BitcoinEthereumNews.com.

Chainlink (LINK) and Solana (SOL) are poised for major breakouts amid the cryptocurrency market rally, with LINK potentially rallying to $25 and SOL eyeing a climb past $123. Increased network activity and a decrease in exchange supply support Chainlink’s bullish outlook, while Solana’s potential surge is backed by an ascending triangle pattern suggesting a bullish continuation. As Bitcoin surpasses the $52,000 mark, drawing widespread attention from the investment community, seasoned investors are shifting their focus towards promising altcoins like Chainlink (LINK) and Solana (SOL). These digital currencies are on the verge of significant breakouts, highlighting the dynamic nature of the cryptocurrency market. Chainlink’s Potential Rally: Key Indicators and Predictions Chainlink’s recent price performance has been noteworthy, briefly surpassing the $20 mark before meeting resistance. Currently hovering near this threshold, the asset has seen a 1% increase in value over the past 24 hours. This uptick is part of a broader trend, with Chainlink hitting a 22-month peak driven by increased network activity and a decline in exchange supply. Key on-chain metrics have underpinned Chainlink’s ascent, notably Active Addresses and Supply on Exchanges. The latter saw a reduction from 219.51 million to 211.61 million in February, indicating a decrease in selling pressure. This 4% supply drop bolsters the bullish case for LINK, suggesting a potential rally to $25 if the breakout above $20 is sustained with strong volume. Chainlink’s network activity has also surged, with nearly 150 million tokens transacted over the past week, leading to a two-year high in network demand. This surge and increased active and new addresses underline robust interest in Chainlink’s offerings. However, despite the positive indicators, concerns about overextension have been raised. Blockchain analytics have revealed significant movements by whales, potentially indicating a readiness to sell, which could affect the LINK price momentum.  Market experts like…

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Filed under: News - @ February 17, 2024 6:24 pm