Amidst the unpredictable price fluctuations in the cryptocurrency markets, recent developments have only added to the unease. In light of statements made by Federal Reserve officials suggesting a possible delay in interest rate hikes, attention has now shifted to the cryptocurrency markets. A prominent analyst has made noteworthy comments about Bitcoin, LINK, and Solana, the latter being considered as a potential rival to Ethereum.
Bitcoin and LINK Comments
A well-regarded crypto analyst has put forth the idea that Bitcoin (BTC) and two altcoin projects may be gearing up for a significant surge. Known as Inmortal, this analyst has shared their insights with a large user base on the social media platform X. According to Inmortal, Bitcoin still has a long way to go, considering the historical duration of market cycles.
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Bitcoin has maintained its trading level at $62,486, with a 2.14% increase in the past 24 hours. This upward movement has propelled its market cap to over $1.237 trillion, bringing it closer to the critical $1.3 trillion mark. The trading volume has remained stable at approximately $25.5 billion.
The analyst also examined Chainlink (LINK) and highlighted that it is currently going through a consolidation phase, which could potentially lead to a significant breakthrough.
Over the past 24 hours, LINK has seen a rise of about 1.59% and is currently trading at $14.26. The market cap for LINK stands at $8.37 billion.
Latest on Solana
Lastly, Inmortal pointed out that Solana (SOL), which is considered one of Ethereum’s biggest competitors, may experience a drop to the $120 region after falling below the trend line on the daily chart. However, a new bull run could ensue, propelling the price above $230 after a dip trap.
In the past 24 hours, Solana has witnessed a 6% increase and continues to trade around the $153.43 range. The market cap for SOL is at $68.8 billion, while the 24-hour trading volume has seen a 6.72% decrease to $2.2 billion.
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Disclaimer:
The information provided in this article should not be taken as investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies and conduct their own research.