The Current State of the Crypto Market
The intensifying bearish action over the weekend has been a major concern in the crypto markets. The bears are quickly extracting weekly profits, leaving market participants bewildered about the next course of action. However, two popular altcoins, Solana and Chainlink, are fighting the bearish heat, which may either result in a fresh bearish spell or a strong rebound.
Will Solana Retain the $140 Support Zone?
The start of the month was largely bearish after the bulls failed to hold levels above their gains. Furthermore, the past weekend also turned out to be bearish, squeezing out the gains incurred in the past couple of days. This may have led traders into disbelief as the bulls face a tough challenge from the bears, potentially turning the tables for the SOL price rally.
The Solana price is heading towards the lower support of the descending triangle as bearish pressure escalates over the token. The Ichimoku cloud remains bearish, substantiating the bearish claims. However, the OBV (On-Balance Volume), a volume-based indicator, demonstrates a bullish reversal, indicating fresh buying volume entering the market, which could cause a fresh rise. Therefore, the SOL price may maintain an ascending consolidation to reach $138, potentially pushing the levels above $140 in the next move.
Is Chainlink Heading Below $10?
Chainlink price broke down below the crucial range, which has been acting as a strong support zone since the start of the year. This has raised speculations of the price maintaining a steep bearish trend to mark monthly lows below $10. However, the bears do not appear to be lucky enough, as the bulls may successfully hold the rally above $12 despite escalating upward pressure.
Observing the chart indicates that the LINK price may remain under bearish captivity and look out for lower targets. However, the bottomed RSI and the neutral DMI suggest the bulls could be passive at the moment but may soon regain momentum. Until then, the Chainlink (LINK) price is expected to remain consolidated between $13.06 and $12.21, offering a strong base to accumulate strength. Once done, a strong upswing could lead the rally above $15 after surpassing major resistance at $13.69.
