As the cryptocurrency markets remain volatile, recent news has added to the uncertainty. In light of the Federal Reserve officials’ statements suggesting a delay in interest rate hikes, attention has turned to the cryptocurrency markets. An analyst has made significant comments about Bitcoin, LINK, and Solana, which is considered to be a rival to Ethereum.
Bitcoin and LINK Comments
A highly regarded crypto analyst named Inmortal has suggested that Bitcoin (BTC) and two altcoin projects may be preparing for a major rally. Inmortal informed thousands of users on the social media platform X that Bitcoin still has a long way to go, citing historical market cycles as evidence.
Bitcoin is currently trading at $62,486, following a 2.14% increase in the past 24 hours. This price surge has pushed its market cap over $1.237 trillion, inching closer to the critical $1.3 trillion level. The trading volume remains stable at around $25.5 billion.
The analyst also analyzed Chainlink (LINK), noting that it is currently in a consolidation phase that could lead to a significant breakout.
In the past 24 hours, LINK has seen a rise of approximately 1.59%, trading at $14.26. Its market cap stands at $8.37 billion.
Latest on Solana
Lastly, Inmortal highlighted that Solana (SOL), a potential competitor to Ethereum (ETH), could drop to the $120 region after falling below the trend line on the daily chart. However, a new bull run could be triggered if it surpasses $230 after a dip trap.
Over the past 24 hours, Solana has experienced a 6% increase and is currently trading around the $153.43 region. Its market cap is at $68.8 billion, and the 24-hour trading volume has decreased by 6.72% to $2.2 billion.
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Disclaimer: This article does not constitute investment advice. Investors should be aware of the high volatility and risk associated with cryptocurrencies and should conduct their own research.
