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Key takeaways

• Chainlink is the best performer among the top 20 cryptocurrencies by market cap, up 10% in the last 24 hours. 
• LINK could reclaim the $20 level soon as bullish momentum returns.

Chainlink outperforms other major coins

LINK, the native coin of the Chainlink blockchain, is up by 10% in the last 24 hours, outperforming the other major cryptocurrencies. The rally saw LINK surge from the Friday low of $15 and is now trading close to $19 per coin.

There is no major catalyst behind the move as the broader crypto market is currently undergoing a recovery. Bitcoin, the leading cryptocurrency by market cap, is trading above $111k after dropping below $104k over the weekend.

Altcoins are also in the green, with Ether leading the way after reclaiming $4k. BNB, SOL, XRP, DOGE, TRX, and ADA all added over 2% to their values in the last 24 hours. Thanks to the ongoing recovery, the total cryptocurrency market cap now stands at $3.75 trillion.

LINK eyes $20 amid bullish price action

The LINK/USD 4-hour chart remains bearish and inefficient despite Chainlink adding 10% to its value in the last 24 hours. At press time, LINK is trading at $18.8. However, the technical indicators are switching bullish as more buyers enter the market.

The RSI of 67 shows that buyers are in control, and LINK/USD could enter the overbought region soon if the bullish trend continues. The MACD lines are also within the positive area, indicating a strong bullish bias at the moment.

If the rally continues, LINK could reclaim the $20 level over the next few hours. An extended rally would allow LINK to target the major resistance and TLQ level at $23.5 over the next few hours or days. 

On the flip side, failure to build on this momentum could see LINK decline towards the weekend low of $15.7. An extended bearish run would see LINK retest the October 7 low of $14.9 in the near term.

The post LINK to reclaim $20 as coin pumps 10%; Check forecast appeared first on CoinJournal.

Key takeaways

• SOL is up 2.5% in the last 24 hours and is now trading above $190.
• The coin could rally towards $220 ahead of the Accelerate APAC event.

SOL tops $190 as market momentum switches bullish

SOL, the native coin of the Solana blockchain, has followed the broader market’s trend and is trading in the green. The coin is up 2.5% in the last 24 hours and is now trading above $190 per coin.

The recovery is supported by increasing trading volumes, which has surged to levels last seen in January. The increase in trading volume comes ahead of the upcoming Accelerate Asia Pacific Accreditation Cooperation (APAC) event on Friday. The event could highlight key ecosystem developments for the Solana blockchain. 

The Accelerate Asia Pacific Accreditation Cooperation event, starting Friday in China, will highlight Solana’s growing role in the region’s Decentralized Physical Infrastructure Networks (DePIN) ecosystem. 

Traders and investors are now optimistic that the event could push SOL’s price higher. The SOL trading volume generated by all exchange applications on-chain hit $220 million on Saturday, the highest level recorded since mid-January. The surge in volume indicates that more traders are interested in SOL as they are optimistic its price could surge higher in the near term. 

SOL targets $220 as bullish momentum returns

The SOL/USD 4-hour chart is bearish and efficient, but the momentum indicators are slowly turning bullish. SOL added over 2.5% to its value in the last 24 hours after dropping 13% last week following the rejection of the price faced around the 50-day Exponential Moving Average (EMA) at $206.09.

At press time, SOL is trading at $193 and could retest the 50-day EMA again in the near term. The RSI on the 4-hour chart reads 56, pointing upward toward the overbought condition and indicating early signs of bullish momentum.

The RSI must stay above the neutral level for SOL to embark on a sustainable recovery. An extended rally would push SOL’s price towards the $220 TLQ level over the coming days. 

However, if SOL fails to build on this momentum and faces a correction, it could extend the decline toward the strongest support level at $186.

The post Solana price prediction: SOL eyes $200 ahead of the Accelerate APAC event appeared first on CoinJournal.