While maintaining its 5-day gain average above 5%, the value of Chainlink has further increased and currently, the token is trading at $7.00. Skipping the question of whether Solana can make it back into the top-10 lead crypto coins, Solana too earned substantial value gains.
Analysis of LINK
Thursday’s opening was a shocker for most of the crypto community as substantial gains were seen in many cryptocurrencies, including Bitcoin and Ethereum.
However, lead crypto coins failed to make their way into the list of Thursday’s top gainers, except that Ethereum went past its crucial ceiling benchmark.
Instead, cryptocurrencies such as Chainlink (LINK) which secured the top position, and Solana (SOL) which came at number two, were the top gainers.
LINK’s value had been spiking for the past three days and the momentum was carried forward onto the fourth day as well. As a result of thereof, LINK value rose above $7.00 which is the token’s highest value in the past 12 days.
Although on 23rd November, LINK’s value ended the trading session at a price of $6.37 during the session, it also went as low as $6.37. However, the quick rebound saved the end of the trading session.
The last time when LINK saw its value going above $7.00 was exactly on 12th November i.e. less than two weeks ago.
Bull Support Is Must
As per LINK’s chart, the data suggests that a further spike can be expected in which the price can settle above the $7.15 level.
However, the process requires LINK to first overcome its resistance level of 50.00 in the RSI index. If bulls remain intact and LINK succeeds in breaking above this crucial resistance, then a targeted value of $7.15 can be achieved.
Technical Analysis of SOL
Solana (SOL) has been able to show resistance as it is refusing to edge down below its lowest value of all time.
There was a time when SOL/USD was part of the world’s top-ten leading crypto tokens. However, the title was lost mainly because of FTX contagion.
Since the FTX contagion, it was only today when SOL/USD saw its value hitting $14.85 which turned out to be the intraday’s highest value.
Taking inspiration from SOL/USD, SOL has moved back to the price range of $15.00, which the coin had last seen on 15th November.
SOL’s RSI index indicates that it is at the level of 35.96 which is falling short of hitting the crucial ceiling level of 37.00.
The crucial question for SOL is whether it would be able to make it back into the list of top 10 cryptocurrencies or not.
Volatility Prevails In the Market
The behavior of the crypto market indicates that volatility is on the higher side which is a good sign for investors.
However, the majority of investors would definitely try to distance their investment endeavors from coins that were either exposed to FTX or Alameda ever.