Bitcoin (BTC) had a good week, reaching the psychologically important level of $30,000, with a price increase of about 10%. After the rise, what are the expectations for Solana (SOL) and some altcoins?
Solana (SOL) Price Analysis!
Solana (SOL) completed a reverse rally and shoulder formation by breaking the neckline on October 19th. This setup could have a target of $32.81. Overbought levels on the relative strength index (RSI) indicate the possibility of a correction. According to experts, an important support to be monitored in the downward direction is $27.12. A strong bounce from this level could indicate that the bulls have turned the level into support. This situation could increase the probability of the continuation of the uptrend.
If the token rises above $32.81, it could reach $39. According to experts, time is running out for the bears. If they want to stop the rise, they may have to push the price below $27.12. The SOL/USDT pair could later fall to the neckline. This level continues to be a key level to watch because a drop below this level could suggest that the breakout above $27.12 may be fake.
LINK and AAVE Price Prediction!
Chainlink (LINK) has been trading in a narrow range of $5.50 to $9.50 since May 2022, indicating a balance between supply and demand. Bulls tried to overcome the uncertainty with a breakout above this range on October 22nd, but the long wick on the candlestick could indicate that bears are not willing to give up. If the bulls do not give up the current levels, it could increase the probability of breaking above $9.50.
The LINK/USDT pair could later initiate a move towards the $13.50 formation target. A breakout from a long consolidation usually results in a sharp rise. In this case, the uptrend could extend to $15 and then $18. The first support on the downside is at $8.50. If the bears pull the price below this level, it could indicate that the range-bound movement could continue for a while.
Aave (AAVE) invalidated the bearish descending triangle setup by breaking above the downtrend line on October 21st. The failure of the overall negative setup could initiate an upward movement. Both moving averages have started to rise, and the RSI is in the overbought zone, indicating an advantage for the bulls. If the price stays above the downtrend line, the AAVE/USDT pair could rise to $88 and then $95.
If bears want to prevent this rise, they may have to quickly pull the price below the downtrend line. This could catch a few aggressive bulls off guard and initiate a correction in the moving averages. A drop below the 50-day simple moving average could put the bears back in the driver’s seat.
