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Ethereum, ChainLink, Solana Price Forecast: Staking Benefits Boost Chainlink and Solana, Ether Awaits ETF Nod

By:
Arslan Ali
Updated: Oct 25, 2023, 12:49 UTC

As Ethereum's price hovers at $1782.7, U.S. investor interest in ETH grows, fueled by potential ETF endorsements.

Crypto Recap

Key Insights

  • Ethereum, Chainlink, and Solana display significant growth, signaling escalating U.S. investor interest.
  • Speculations rise around a potential U.S.-listed spot cryptocurrency ETF for leading digital assets.
  • Chainlink showcases impressive strength with 8.09% growth in 24 hours, hinting at a bullish market.
  • Solana’s market sentiment remains cautiously optimistic, watching the $35.62 resistance keenly.

Quick Fundamental Outlook

Over the past month, Ethereum, Chainlink, and Solana have showcased noteworthy growth patterns. This rising trend reflects the escalating interest among U.S. institutional and retail investors, largely fueled by speculations surrounding the potential introduction of a U.S.-listed spot cryptocurrency exchange-traded fund (ETF) for assets like Ethereum, Chainlink, and Solana.

ETFs, tradable on exchanges and mirroring the performance of their underlying assets, present a streamlined avenue for investors to engage in the cryptocurrency landscape without directly acquiring the digital tokens.

The possible endorsement of cryptocurrency ETFs is expected to usher in a substantial influx of mainstream investment into the digital currency sector.

Ethereum Price Prediction

Ethereum Chart
Ethereum Chart

Ethereum (ETH) registers a modest uptick, settling at $1782.7, marking a 0.06% rise in the past 24 hours. Analyzing the 4H chart, the pivot point is discerned at $1811. Immediate resistance lingers at $1855, with subsequent barriers at $1885 and $1926. Conversely, Ethereum finds its first line of defense at $1760.2, a critical 50% Fibonacci level. Deeper supports are observed at $1705.2 (78.6% Fibonacci level) and $1666.

From a technical standpoint, the RSI, currently at 65, underscores a bullish sentiment but approaches the overbought territory. The price noticeably stands above its 50 EMA, set at $1672, reflecting a short-term bullish trend. However, the 4H chart reveals neutral candles like Doji and Spinning Top, indicating potential market indecision. This could typically lead to a bearish correction, suggesting Ethereum might retract to the aforementioned Fibonacci levels.

Conclusion: Ethereum portrays a bearish inclination below $1811. In the short term, the crypto might challenge the resistance levels, especially the $1855 mark.

ChainLink Price Prediction

ChainLink Chart
ChainLink Chart

Chainlink (LINK) has shown significant strength, with its current price at $11.88, registering an impressive 8.09% growth in the past 24 hours. Delving into the 4H chart, Chainlink’s pivot point stands firm at $10.92.

The digital asset encounters its first resistance at $11.65, with further challenges predicted at $12.34 and $13.00. On the flip side, immediate support is set at $9.70, followed by deeper safety nets at $8.97 and $8.04.

The RSI, presently reading 66, signals a bullish sentiment, although it is nearing the traditionally overbought threshold. Furthermore, Chainlink’s price clearly surpasses its 50 EMA, set at $9.14, emphasizing its short-term bullish momentum. The 4H chart delineates an upward channel, with the 50 EMA underpinning the current buying sentiment.

Conclusion: Chainlink’s market sentiment leans bullish, especially if prices remain above the $10.50 mark. In the immediate future, the asset is likely to challenge the $12.34 resistance.

Solana Price Prediction

Solana Chart
Solana Chart

Solana (SOL), a rising star in the cryptocurrency universe, is currently priced at $31.99, marking a 6.06% uptick in the last 24 hours. Analyzing the 4H chart, the asset’s pivot point is identified at $28.24. Immediate resistance for SOL looms at $32.46, with subsequent resistance levels at $35.62 and $38.87. On the downside, support can be found at $25.37, followed by further cushions at $22.97 and $18.95.

The RSI currently reads a high 75, indicating overbought conditions. This suggests that caution is advised, as a potential pullback might be on the horizon. However, the price soaring above its 50 EMA, set at $15.82, underlines the prevailing bullish trend. Chart patterns, including the Three White Soldiers, back this sentiment, while a double top near $32.46 hints at a possible resistance.

Conclusion: The market sentiment for Solana teeters on the edge of bullishness. A move above $32.50 could strengthen this stance, while falling below could induce a bearish correction. In the short term, the resistance at $35.62 is keenly watched by investors.

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About the Author

Arslan, a webinar speaker and derivatives analyst, has an MBA in Finance and MPhil in Behavioral Finance. He guides financial analysis, trading, and cryptocurrency forecasting. Expert in trading psychology and sentiment.

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