Key Takeaways:
- Chainlink and Solana tokens rallied more than other top 20 coins.
- MATIC technicals point to another 90% uptrend, which is not likely without a ‘Bitcoin backup.’
- BTC and ADA broke the above key resistances.
YEREVAN (CoinChapter.com) – The crypto market rally started on Oct 19, spurred by the possible approval of BlackRock’s Bitcoin spot ETF. Here are the biggest ETF buzz gainers in the previous 7 days among the top 20 cryptos: Chainlink (LINK), Solana (SOL), Polygon (MATIC), Bitcoin (BTC), and Cardano (ADA).
#1 Chainlink (LINK) led the gainers at over 35%
Chainlink’s token dropped 11% to just below $10 on Oct 24. But despite the intraday loss LINK still emerged as the biggest gainer in the top 20 bunch at 35%. As CoinChapter reported previously, the coin broke out of a consolidation channel, relevant since May 2022.
The chart above also demonstrates that the token’s relative strength index (RSI) charted at approximately 75, which could indicate a profitable market exit point for traders. Thus, the price could correct further in the coming sessions, a previous resistance of $9.45 being the likely target. However, if Bitcoin rallies further, LINK could follow the lead with another leg up after hitting the said line.
#2 Solana (SOL) out of a rising triangle
Solana (SOL) corrected 6% south to $30.7 on Oct 24, after a near-40% rally since Oct 19. After the correction, Solana’s week-over-week gains amounted to 28%.
Notably, the token broke out of a formation known as the “rising triangle.” The latter featured a flat resistance bar and a rising support line that prevented sharp moves in either direction. Generally, the rising triangle is a bearish reversal formation. However, SOL broke to the upside.
As of Oct 24, the likely short-term prediction for SOL sees the token at the previous support/resistance of $30. However, much like LINK, the Solana coin could jump more following Bitcoin’s lead.
#3 Polygon (MATIC) technicals point to a 90% rally
Polygon token MATIC rallied 20% in the previous 7 days. Similar to SOL and LINK, MATIC corrected 6% to $0.62 on Oct 24. Moreover, the coin broke out of a setup named the “falling wedge.” The latter features two converging trendlines that gradually reduce the asset price.
However, the wedge is a reversal setup that predicts a rally equal to the formation height, which pins the MATIC target price at $1.21, or 92% higher than the current value.
While the markets are euphoric about the possible Bitcoin spot ETF approval, Bitcoin’s rally might still fizzle out in the coming sessions.
If it does, MATIC is unlikely to pull off a solo rally of that magnitude, given its market cap of nearly $5.8 billion.
#4 Bitcoin ‘man-of-the-hour’ BTC at $34K
Bitcoin (BTC) broke above the psychological resistance of the $30,000-31,000 bar and reached $34,000 on Oct 24. The alpha crypto corrected south in the New York hours, but, unlike other entries on the list, maintained an intraday gain of nearly 10%.
The surge marked BTC’s highest price point in seventeen months, as the crypto gained 18% in the previous 7 days.
#5 Cardano (ADA) recoils from the 200-day EMA
Similar to SOL, LINK, and MATIC, Cardano’s ADA coin corrected 5% to $0.27 on Oct 24, reaching a 12% gain in 7 days. After the Bitcoin copycat rally, the token broke out of a “descending triangle” setup. It features a flat support line and a down-trending resistance that capped ADA’s upside attempts.
However, the coin retested its 200-day exponential moving average (200-day EMA; blue wave) as resistance once more. Notably, ADA traded below the said wave since November 2021.
