As the cryptocurrency markets remain unpredictable, recent news has only added to the uncertainty. With Federal Reserve officials hinting at potential delays in interest rate hikes, attention has shifted towards the cryptocurrency markets. A prominent analyst has made noteworthy comments about Bitcoin, LINK, and Solana, the latter being considered a potential challenger to Ethereum.
Bitcoin and LINK Analysis:
A well-regarded crypto analyst, who goes by the name Inmortal, has suggested that both Bitcoin (BTC) and two altcoin projects could be poised for a significant rally. Inmortal shared his insights with thousands of users on the social media platform X, emphasizing that Bitcoin still has a long way to go based on historical market cycles.
Bitcoin has maintained a trading level of $62,486, showing a 2.14% increase in the past 24 hours. This price surge has propelled its market cap past $1.237 trillion, inching closer to the crucial $1.3 trillion mark. Trading volume has remained steady at approximately $25.5 billion.
The analyst also examined Chainlink (LINK), noting that it is currently in a consolidation phase that may lead to a substantial breakout. In the last 24 hours, LINK has seen a rise of around 1.59%, with a trading price of $14.26. Its market cap currently stands at $8.37 billion.
Latest Updates on Solana:
Lastly, Inmortal highlighted Solana (SOL), which is potentially Ethereum’s biggest competitor. He mentioned that SOL might experience a drop to the $120 region after falling below the trend line on the daily chart. However, a new bull run could be triggered if it surpasses $230 after a dip trap.
Over the past 24 hours, Solana has seen a 6% increase, with its trading price remaining around $153.43. Its market cap stands at $68.8 billion, while the 24-hour trading volume has witnessed a 6.72% decrease to $2.2 billion.
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Disclaimer:
Please note that the information provided in this article should not be considered as investment advice. It is crucial for investors to be aware of the high volatility and risks associated with cryptocurrencies and to conduct their own research.
