The 2024 cryptocurrency bull market has already begun, with the price of Bitcoin surpassing $52,000 in early trading. Although bearish activity has intensified at these levels, the market will not stop heading towards the upper target any time from now. Therefore, altcoins like Chainlink, Solana, Ethereum, etc. have gained tremendous bullish momentum and could soon trigger a rally beyond the pivotal zone.
Chainlink (LINK) Price Consolidation Before Next Move
Chainlink’s price has been consolidating for a long time, and as a result, a notable breakout is imminent. However, prices fell back to the same consolidation phase, but only for a short period of time. A rise above $20 increased trader confidence, which also slightly increased bearish dominance. Currently, LINK price is trapped between these two forces and could be bullish.
LINK price appears to be following a consolidation pattern before the next price action. After rising from the consolidation area between $18 and $19, the price reached a level around $20 and remained there. As a result, volume has decreased, which suggests weakness for the bulls. Moreover, RSI and MACD are set to flash bearish signals, which could pave the way for the price to start a new bearish trend. Therefore, as seen in the chart above, the price may consolidate and move higher, eventually reaching the upper target of $25 in the coming months.
Solana (SOL) is heading towards $130.
Solana prices have been showing a huge rise since the beginning of the year despite the network outage. Trader confidence in the cryptocurrency appears to have surged as the token is on its way to securing a yearly high. This allows SOL price to verify the beginning of an upward trend aimed at forming a new ATH in 2024.
Solana’s long-term chart suggests that the price is undergoing a parabolic recovery and could reach the next resistance level of $130 in the coming days. Some buying pressure has built up while RSI is trying to stay within a bullish range. This indicates that bulls are dominating the rally regardless of temporary bearish movements. Therefore, SOL price appears poised to maintain a healthy upward trend and eventually reach levels close to $150 before the end of the first half of 2024.