The coin’s 1-hour technical chart shows that Chainlink has dropped marginally, by 0.62%, over the past 24 hours. However, the coin has grown significantly by 7.54% over the past week, as reported by CoinMarketCap, which is pretty impressive. Chainlink has the potential to experience significant price changes. It has a market capitalization of $4,000,567,978 and is ranked 20 out of all cryptocurrencies.
The coin has been trading above the 200-day moving average, which is additional proof that the bulls are currently in charge of the market. If LINK cannot hold this 200-day moving average in the 1-hour timeframe, traders may wait to see how the market performs before deciding whether to buy or sell. The next support level is at $7.345.
Solana also had a strong performance over the past seven days. Even though Solana has been falling since the FTX crash, the asset appears to be returning after reversing from the $8.02 price level since December 2022. In the last week, the price of Solana increased by 5.11%.
Solana has been fluctuating close to the 200-day moving average, as shown by the 1-hour chart above. At this point, Solana doesn’t seem to have a clear direction in mind. Solana’s price is likely to return to the $30 level if it can firmly establish itself above the 200-day MA level. However, a break below $22 is possible if the bears are still in charge.
Polkadot has increased by 3.88% over the last week, making it the market’s top-performing coin. Although DOT is currently trading at $7, the aforementioned 1-hour chart shows that DOT appears to have broken its 200-day MA. A potential price break of DOT’s $6.6 level can be seen if it continues to follow the current downtrend of Bitcoin. According to the technical analysis, DOT could increase to $7.5 if it starts to trend in the opposite direction from this point.
However, investors should take note of the confirmation patterns and indicators before taking the trade for a better risk-to-reward ratio.
