Solana’s price has held up well during the recent downturn, making it a strong contender for new all-time highs.
The price of Chainlink is showing little to no improvement, although one on-chain measure indicates a speedy rebound.
The MRI and the Icon price structure both point to a huge rise ahead.
With repeated failed attempts to escape the range market, the Bitcoin price has been in the dumps. Most altcoins quickly follow the flagship cryptocurrency, but Solana, Chainlink, and Litecoin have a different strategy and may recover faster than the rest to reach new highs.
Since May 18, Solana pricing has made four higher highs and four higher lows from a technical standpoint. SOL is consolidating in a symmetrical triangle pattern, as shown by connecting trend lines from these swing points.
Two converging trend lines appear in this technical formation, indicating that a huge breakout is likely.
SOL is currently aiming to break above the upper boundary, which will happen if the bulls manage to close above $35.47 in a decisive daily candlestick close.
This move would create a higher high and terminate the 42-day downtrend, suggesting to investors who have been sitting on the sidelines to hop on board.
After that, the price of Solana must break through a key resistance level at $42.53. If this happens, the way to the current all-time high of $58.39 will be cleared. SOL could easily smash $58.39 and climb to $173, coinciding with the 127.2 percent Fibonacci extension mark, if the second phase of the bull run kicks off.
The relative recovery of Solana in comparison to BTC and ETH supports this immediate optimistic argument. Solana pricing showed enormous run-ups throughout the bull run, resulting in massive returns. SOL price remained remarkably resilient even after the boom cycle appeared to have stopped.
Solana’s market value has plunged around 67 percent since its all-time high of $58.39 on May 18 and has recovered nearly 80 percent from the low.
When viewed singly, these figures may not appear spectacular or support the case for the Solana price, but BTC’s recovery from its low point is only 20%, while ETH’s is 26%.
Investors can expect the Solana price to continue its rapid recovery in the future, especially if it breaks through $35.47.
1-day chart of SOL/USD
On the other hand, the price of Solana could fall, bouncing off the lower trend line around 28.63 or $27.32. The bullish thesis would be unaffected by such a change. However, a break of the $24.91 support level would put an end to the bullish narrative and could cause the uptrend to be delayed or halted.
Chainlink’s price has not recovered as well as Solana’s or even Bitcoin’s. In fact, LINK is clinging to its very bottom. Chainlink’s current position coupled with the Momentum Reversal Indicator (MRI) and the supply on exchanges are two reasons why it could hit an all-time high or more shortly.
From a technical standpoint, the Chainlink price is currently lingering around the $19.22 support level, which corresponds to the bull run’s peak in August 2020. As a result, turning this position into support would allow the oracle token to consolidate and then catapult to crucial resistance levels.
The MRI, which has flashed a buy signal in the form of a green ‘one’ candlestick on the 3-day chart, is also aiding LINK’s cause. A one-to-four candlestick upswing is predicted by this technical setup.
Chainlink price may be pushed toward a critical resistance level of $32.85 as a result of the above-mentioned buy signal.
Due to price inefficiencies exhibited during the May 19 decline, clearing this barrier will allow LINK to soar quickly to the next ceiling at $43.48.
However, if Chainlink stock closes over $43.48, the all-time high of $52.9 will be within reach.
LINK price might extend its bull run to the 127.2 percent Fibonacci extension mark at $139.35 in an extremely optimistic scenario.
3-day chart of LINK/USD
The supply of LINK on exchanges, which has not hit a meaningful higher high since early September 2020, is supporting this tremendous surge in Chainlink pricing. Over the last ten months, the number of LINK tokens held by centralized entities has decreased from 177.19 million to 143.12 million.
This 19 percent drop indicates that investors are removing their holdings from exchanges, implying that they are optimistic about the future performance of the LINK price.
During the last bull run, a similar drop in ETH stored on exchanges was observed, resulting in significant gains for Ether holders. As a result, if a similar trend continues, the price of LINK will not only reach, but surpass, its all-time high of $52.90.
On the exchanges, there is a supply of LINK.
Regardless of the bullish outlook, the uptrend hypothesis would be postponed if Chainlink price breaks down the foothold around $15. In this instance, LINK might fall by 28%, putting the support level at $10.8.
A rise in selling pressure that breaks through this barrier will invalidate the bullish thesis and bring the oracle token to the 50% Fibonacci retracement level at $8.96, which would invalidate the bullish thesis.
The price of an icon could quadruple in the near future.
Since June 2018, the price of Icon (ICX) has been trading inside a rounded bottom pattern. Since February 2020, the ICX price has followed in the footsteps of its previous movements. According to this theory, the Icon price is currently creating a base that will kick-start the fractal’s last leg, which might propel it to the current all-time high of $3.19 and possibly beyond.
The Icon price is currently trading at $0.80, which coincides with a critical barrier in the mid-to-short term. A daily candlestick close decisively above this level clears the way for an advance to the next significant resistance ceiling at $2.05.
The Momentum Reversal Indicator (MRI) is supporting this uptrend, flashing a buy signal in the form of a red ‘two,’ indicating the tremendous negative decline seen thus far and emphasizing the need for a bull rally.
3-day chart of the ICX/USDT
On Twitter, a popular analyst known as ‘DaveTheWave’ tweeted a chart with a similar concept. The first target for ICX, according to his analysis, was $2.669, which was reached in late March.
However, his long-term forecasts suggest that the price of Icon might reach $100.
1-day ICX/USD chart
A breach of the rounded bottom pattern might lead to a sell-off, putting an end to the bullish thesis described above. Icon’s price could be dragged to its immediate support level of $0.60 as a result of such a move.
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