Chainlink and Solana: Promising Altcoins for Investment
As the Bitcoin price rally continues, smart investors are also exploring opportunities in altcoins. Chainlink (LINK) and Solana (SOL) are two altcoins that show potential for a major breakout.
The Chainlink Price Rally
Last weekend, the Chainlink (LINK) price reached $20 but couldn’t sustain due to selling pressure. However, it is currently trading close to the resistance level at $19.97 and has seen a 6% increase in the last 24 hours.
The recent surge in LINK’s price can be attributed to three key on-chain metrics: Active Addresses, Daily Active Addresses, and Supply on Exchanges. The number of Active Addresses reached a peak of 6,493 in February, indicating strong network activity. Additionally, the supply of LINK on exchanges has decreased by 4% this month, potentially reducing selling pressure. If the LINK price breaks out above $20 with high volumes, it could rally to $25.
Solana SOL Price Eyes Major Breakout
Analyst Rekt Capital has identified a promising pattern in Solana (SOL) known as an Ascending Triangle. Despite a minor dip, SOL has resumed its upward trajectory and could potentially surpass the $123 resistance level. If SOL reclaims the triangle top as support, it may experience a bullish surge and rally further to $140. This positive price action has generated optimism among investors.
Currently, Solana is trading at $115 with a market cap of $50.5 billion.
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