Highest Crypto Gainers of the Week: BSV, SOL, LINK Price Analysis
As the crypto market leans into its traditional “Uptober” rally, a bullish atmosphere is taking hold, spearheaded by the largest cryptocurrency Bitcoin with its significant gains. This renewed buying pressure is trickling down to the altcoin sector, with certain tokens recording the highest weekly gains. Thus, if the bullish momentum persists, these tokens are better positioned to carry a sustainable rally.
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Bitcoin SV Price Analysis: Minor Pullback Plausible Before the Next Leap
Source- Tradingview
Over the last five months, the Bitcoin SV price has witnessed a bullish recovery rally under the influence of an ascending trendline. Amid this rally, the coin price has rebounded multiple times from the trendline, reflecting the buyers were aggressively buying at the dip.
On October 16th, the coin price witnessed its last reversal from this dynamic support, leading to a 66.5% surge to hit the $56.3 resistance. However, with an intraday loss of 12%, the daily chart shows evening star reversal patterns which indicate the coin price may revisit the lower trendline, registering a potential pullback of 20%.
However, until this trendline is intact, the BSV price may prolong the recovery rally.
Solana Price Analysis: Will $SOL Surpass $30 Mark?
Source- Tradingview
Bolstered by the overall bullish sentiment in the crypto space, the Solana price gave a decisive breakout from the neckline resistance around $24.6, completing an inverted head-and-shoulders pattern. In theory, the bullish reversal setup is commonly spotted at the market bottom, offering a significant upturn in price behavior.
So far, the post-breakout rally has surged the coin price from $24.7 to the current trading price of $28.4, accounting for a 14.5% gain. In response to this reversal pattern, the bulls are eyeing a rally to the $32 mark, indicating a potential gain of 12.5%.
Chainlink Price Analysis: Bullish Pattern Hints a New Uptrend
Source- Tradingview
Over the weekend, the Chainlink price rode the “Uptober effect” wave in the crypto market, experiencing an impressive 27% rise from $7.26 to $9.27. This ascent was particularly noteworthy as it marked a decisive breakout from a falling wedge pattern that has been shaping the LINK price trend since May 2022.
The breakout occurred on October 21st, suggesting an end to the asset’s accumulation phase and signaling the onset of a new bullish rally. The falling wedge pattern breakout points toward an optimistic price target of $12.6, which would represent a further 36% gain.