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Highlights
- Chainlink address activity picks up significantly in this month of February.
- The LINK exchange outflows present bullish scenario for Chainlink price rally to $25.
- Solana price eyes a rally to $140 if it gives an ascending triangle breakout.
While the Bitcoin price rally past $52,000 has swept investors’ attention, smart investors are also looking for new opportunities in altcoins. Chainlink (LINK) and Solana (SOL) are two such altcoins that are standing at the cusp of a major breakout ahead.
The Chainlink Price Rally
Over the last weekend, the Chainlink (LINK) price topped $20, however, it failed to sustain amid selling pressure at the resistance level. The good thing is that the LINK price is trading much closer to the resistance level at $19,97 and is up by 6% in the last 24 hours.
Amid the recent rally, the LINK price has hit a 22-month high amid the surge in network activity and falling exchange supply.
Chainlink’s recent price surge finds support from three crucial on-chain metrics: Active Addresses, Daily Active Addresses, and Supply on Exchanges. Throughout February, Active Addresses experienced multiple spikes, reaching a peak of 6,493 on February 2, as depicted in the Santiment chart below.
Moreover, the Supply on Exchanges for LINK witnessed a decline in February, plummeting from 219.51 million on February 2 to 211.61 million by Wednesday. This month, LINK supply has decreased by 4%, potentially alleviating selling pressure on Chainlink’s token. Such a trend aligns with the bullish outlook for Chainlink. The LINK price breakout above $20 followed with strong volumes could lead to a rally to $25.
Solana SOL Price Eyes Major Breakout
Renowned crypto analyst Rekt Capital has identified a promising pattern in Solana ($SOL), suggesting a potential rally continuation. Despite a minor dip, Solana has quickly resumed its upward trajectory, with indications of forming an Ascending Triangle pattern.
According to Rekt Capital, the key to confirming the breakout lies in Solana reclaiming the triangle top as support. Should this occur, the analyst anticipates a bullish surge, possibly surpassing the $123 resistance level. Beyond this price level, the SOL price can also rally further to $140. This observation underscores growing optimism surrounding Solana’s price action in the cryptocurrency market.
Didn't even have to dip too much before resuming its rally
In fact, #SOL is forming an Ascending Triangle here
Reclaim the triangle top as support & Solana will confirm the breakout which should surely see price breach the $123 resistance (black)#SOL #Solana #Bitcoin https://t.co/ycRqHyCp7P pic.twitter.com/CJtQRKymtk
— Rekt Capital (@rektcapital) February 14, 2024
At press time, Solana is trading 2.51% up at a price of $115 with a market cap of $50.5 billion.
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