Cryptocurrency Markets Respond to Economic Indicators and Analyst Insights

While the cryptocurrency markets continue to experience uncertain price movements, news from the market adds to the anxiety. Following statements by Federal Reserve officials suggesting that interest rate hikes could be postponed, attention has turned to the cryptocurrency markets. An analyst made significant remarks about Bitcoin, LINK, and Solana, which is considered a killer of Ethereum.

Bitcoin and LINK Comments

A closely followed crypto analyst suggested that Bitcoin (BTC) and two altcoin projects might be gearing up for a major rally.

The crypto analyst, who uses the name Inmortal, told thousands of users on the social media platform X that there is still a long way to go for Bitcoin, pointing to the historical duration of market cycles.

There’s room for 500 more green days.

Bitcoin has continued trading at the level of $62,486 following a 2.14% rise over the last 24 hours. This price increase has pushed the market cap over $1.237 trillion, continuing its move towards the critical $1.3 trillion level. The trading volume remains steady at around $25.5 billion.

The analyst also examined Chainlink (LINK), noting that it is undergoing a consolidation phase that could lead to a significant breakout.

The most intriguing aspect about LINK is how it operates.

• Long consolidations.
• Rapid price increases.

We are not in the latter, so we must be in the former.

In the last 24 hours, LINK has seen a rise of approximately 1.59%, trading at $14.26. LINK’s market cap is at $8.37 billion.

Latest on Solana

Lastly, Inmortal pointed out that Solana (SOL), possibly Ethereum’s (ETH) biggest competitor, could drop to the $120 region after falling below the daily chart’s trend line, and a new bull run triggering movement above $230 could start after a dip trap.

The fastest horse in the cycle just needs one more trap.

In the last 24 hours, Solana experienced a 6% increase, continuing to trade in the $153.43 region. SOL’s market cap is at $68.8 billion, with a 24-hour trading volume seeing a 6.72% decrease to $2.2 billion.