In the ever-evolving cryptocurrency world, three major altcoins are making headlines with their recent price movements. Especially Chainlink, Solana and XRP witnessed important developments that attracted the attention of investors and enthusiasts. Here are the details…
Chainlink defies gravity
Decentralized oracle service Chainlink is on a notable bull run. Over the past few days, the price of LINK increased by 35%, briefly breaking the $10.00 barrier. This rally, which also led to the liquidation of a short position worth approximately $12.3 million, brought the price of LINK to $10.71 at the time of writing. In particular, the altcoin found support from the 50, 100, and 200-day Exponential Moving Averages (EMA). However, the Relative Strength Index (RSI) indicates overbought conditions, indicating a possible correction on the horizon. Crypto analyst Altcoin Sherpa is optimistic about LINK’s potential and highlights its strength in the industry.
Altcoin Sherpa believes that Chainlink is poised to make significant gains and advises not to miss this opportunity. However, he remains cautious about whether there is a broader “altseason” in store by monitoring Ethereum’s performance against Bitcoin and Bitcoin dominance.
Altcoin Solana follows broad momentum
Often touted as the “Ethereum killer,” Solana has demonstrated impressive resilience. The altcoin experienced a 40% price increase in October and pushed the $30.24 resistance level. Despite the decreasing buying pressure, SOL continues its upward trend. However, analyst Lockridge Okoth warns that a 15% pullback could occur and potentially turn the bullish breakout into a $24 supply barrier. Amidst this positive trend, Marinade Finance, the largest DeFi protocol on Solana’s Blockchain, decided to block users in the UK from their service. This move sparked debate about Solana’s long-term prospects and its role in the cryptocurrency market.
XRP is on the road to recovery
Finally, XRP, the altcoin associated with Ripple, has been gradually recovering, with an increase of almost 8 percent in the past week. Market sentiment around XRP has become increasingly positive, indicating potential progress towards the critical target. The most important development for XRP is the ongoing legal battle with the US Securities and Exchange Commission (SEC). Ripple and the SEC have been involved in this case since December 2020. A recent appeal of an SEC ruling in favor of Ripple was rejected and the lawsuit against Ripple’s CEO and co-founder was dismissed. The next critical date is November 9, when both sides are expected to meet and discuss. Although there is no official confirmation, enthusiasts are hopeful that this meeting could lead to an agreement that will benefit both parties.
In particular, according to analyst Aaryamann Shrivastava, the Relative Strength Index (RSI) also points to a prolonged rise as it is above the neutral line at 50.0. This points to a potential breach at $0.54 that could send the XRP price to $0.60. The coin is currently trading at $0.52 with the potential to surpass the $0.54 resistance level and reach $0.60. As these three cryptocurrencies make significant moves in the market, investors and enthusiasts will closely monitor further developments and potential price movements.
To be informed about the latest developments, follow us Twitter’in, Facebookin and InstagramFollow on . Telegram And YouTube Join our channel.