On Wednesday, Chainlink continued its upward trajectory, registering its highest valuation since the prior year. The cryptocurrency increased as much as 9% during the day, bringing its cumulative gain to 50% over the preceding week. Solana also saw a significant uptick, breaking past the $33.00 threshold.
On Wednesday, Chainlink (LINK) stood out as it recorded an intraday increase of up to 9%.
Starting from a low point of $9.84 on Tuesday, the LINK/USD pair surged to hit an intraday high of $11.55.
This movement elevated the cryptocurrency to its most robust valuation since the previous year, when it had surpassed the $12.00 mark.
LINK/USD – Daily Chart Analysis
According to the daily chart, the recent price escalation has sustained the Relative Strength Index (RSI) above the 80.00 benchmark.
At the time of documentation, the RSI is registering at 81.87, which is its apex since August of 2020 and clearly resides in the overbought region.
At present, LINK is being traded at $11.13.
Solana (SOL) also experienced a rise during Wednesday’s trading, eclipsing the $33.00 level earlier in the session.
The SOL/USD pair reached an intraday pinnacle of $33.69, a significant leap from Tuesday’s nadir of $29.70.
The ascent in price propelled Solana to its loftiest valuation since the previous November, accompanied by an RSI breakout.
SOL/USD – Daily Chart Analysis
The RSI shattered a previous cap at 73.00 and is currently measured at 77.05.
This represents a slight retraction from a zenith of 82.00 reached earlier this week, a level that had served as a crucial resistance point.
For the asset to potentially reach a $35.00 target, bullish momentum will be required to surpass the previously mentioned resistance at 82.00.
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Do you think Solana could ascend to $35.00 in the near future? Share your insights in the comments section below.
Frequently Asked Questions (FAQs) about Cryptocurrency Gains
What cryptocurrencies does the article focus on?
The article focuses on Chainlink (LINK) and Solana (SOL), detailing their recent price movements and gains.
What is the significance of the Relative Strength Index (RSI) in the article?
The Relative Strength Index (RSI) is used as a key metric for analyzing the current overbought or oversold conditions of the cryptocurrencies. The article notes that both Chainlink and Solana have RSI levels that suggest strong bullish momentum.
Chainlink recorded an intraday increase of up to 9%, surging from a low of $9.84 to an intraday high of $11.55. This marks its highest valuation since the previous year.
What are the recent price changes for Solana?
Solana broke past the $33.00 threshold, reaching an intraday high of $33.69. This is a significant increase from its previous low of $29.70 and marks its highest level since last November.
For Chainlink, the article discusses the sustainability of the current bullish trend, as indicated by the RSI. For Solana, the article mentions a potential target price of $35.00, provided it can break past a key resistance point on the RSI.
How can I stay updated on future price analyses?
The article offers a subscription option for a weekly technical analysis report. You can register your email address to receive these updates directly in your inbox.
What are the intended readers of this article?
The article is intended for investors and financial analysts interested in cryptocurrency markets, providing them with detailed insights into the recent trends of Chainlink and Solana.
More about Cryptocurrency Gains
- Chainlink Official Website
- Solana Official Website
- Introduction to Relative Strength Index (RSI)
- Previous Price Analyses for Chainlink
- Previous Price Analyses for Solana
- Guide to Cryptocurrency Investing
- Understanding Market Trends and Indicators