According to a recent technical analysis from a popular cryptocurrency Analyst known as Rektt Capital, it’s apparent that both Chainlink (LINK) and Solana (SOL) are positioning themselves for the continuation of their respective trends in cryptocurrency markets.
In the case of LINK, there are indications that it has undergone a successful retest, which is an important aspect of technical analysis where the price goes back to a previous level after breaking out to confirm its strength as support.
If this successful retest triggers more upside momentum, $LINK could climb higher. At the moment, Chainlink is priced at $20.15, with a 24-hour trading volume being $554 million. In the last 24 hours, LINK has fallen by 1.33%, but in the weekly chart, the cryptocurrency has risen by 6.73%.
Resilient Price Behavior Of Solana
Conversely, for Solana (SOL), the resiliency in its latest price action is observed in the aspect that there was no sharp dip before a continued upward move. The same resilience indicates that investor confidence in Solana’s fundamentals is strong and is able to promise potentially robust growth in the future.
Right now, $SOL is forming an Ascending Triangle, which is a pattern that has higher lows compressing against a horizontal resistance level; normally, it tends to point to a period of consolidation before a possible move to the upside.
So, the pattern becomes important as the possible signal of the continuation of the bulls, that is to renew the current upward trend with new power and strength. In the case of $SOL, the formation of the Ascending Triangle signals that buyers are effectively stepping in at higher levels of pricing—further testament to a market that is exhibiting strength.
Critical for establishing the bullish bias on $SOL will be the all-important level of the upper boundary of the triangle. If $SOL manages to retake this level as support, that will be a confirmation of the break from the Ascending Triangle pattern. Most probably, with such confirmation, buying interest will get further attracted to lift the price of $SOL towards higher levels.
Some of the key price targets pointed out by Rekt Capital include this resistance at $123, in black. A breakout above the said level wouldn’t just confirm the Ascending Triangle breakout but also mark an important bullish milestone for Solana.
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