Chainlink (LINK)
Chainlink (LINK) experienced significant gains on Wednesday, with the token rising by as much as 9% in today’s session. After reaching a low of $9.84 on Tuesday, LINK/USD surged to an intraday high of $11.55 earlier in the day. This price increase marks the cryptocurrency’s highest point since last year when it peaked above $12.00.
An analysis of the chart shows that this recent surge has pushed the relative strength index (RSI) above the 80.00 level. Currently, the RSI stands at 81.87, its highest point since August 2020, indicating that it is deep in overbought territory. At the time of writing, LINK is trading at $11.13.
Solana (SOL)
Solana (SOL) also experienced a rally in today’s session, surpassing the $33.00 mark earlier in the day. SOL/USD reached a high of $33.69 on Wednesday after falling to a low of $29.70 the previous day. This surge in price brings Solana to its highest level since November last year and follows a breakout on the RSI.
The price strength broke through a resistance level at 73.00 on the index and is currently tracking at a reading of 77.05. Although this is slightly lower than the high of 82.00 earlier this week, which was also a significant point of resistance, bulls will need to push past this level to aim for a possible target of $35.00.
Hot Take: Chainlink and Solana Continue Impressive Gains
Chainlink and Solana are both experiencing notable gains in their respective cryptocurrency markets. Chainlink has risen by 50% over the past seven days, reaching its highest point since last year. Similarly, Solana has surged above the $33.00 mark, achieving its highest level since November. These impressive performances indicate growing investor interest in these cryptocurrencies and may attract further attention from traders. As the crypto market continues to evolve, it is important to monitor these developments and consider potential investment opportunities.
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