Can Solana Follow in Chainlink's Footsteps? | Credit: Derek Fenech
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Key Takeaways
Chainlink (LINK) broke out above $19.50 after a bullish wave pattern.
Solana (SOL) has created a similar pattern but has yet to break out.
How long will LINK continue rallying, and will SOL start catching up?
Chainlink (LINK) has broken past the $19.50 level after a textbook bullish setup, underscoring its strong upward momentum.
Solana (SOL) is forming a similar pattern but has yet to make its move.
The big question now is: Can LINK keep climbing, and will Solana be the next to break out?
Why is Chainlink Going Up?
Last week, Chainlink (LINK) formed a bullish engulfing candlestick, surging 35% and breaking through the stubborn $19.50 resistance level.
The breakout also pushed LINK above the midline of a long-term ascending parallel channel that’s been in place since early 2024.
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The Relative Strength Index (RSI) has climbed above 50 for the first time this year, while the Moving Average Convergence/Divergence (MACD) has crossed into positive territory.
It’s the same technical setup that preceded LINK’s near-tripling in November 2024 — a sign that history could be about to repeat.
Chainlink’s short-term price action is just as promising.
During the breakout, the price carved out a rare series of 1-2/1-2/1-2 wave structures (green, black, and orange).
If the count is accurate, LINK is currently in the most rapid portion of the increase, which is wave three in all three degrees of the upward movement.
So, the LINK price analysis is decisively bullish, suggesting that the channel’s resistance trend line at $38 is set as the next target.
Chainlink Price Follows Ethereum
Since 2024, the Chainlink price movement has been almost identical to Ethereum’s (ETH), which is currently nearing its all-time high.
Ethereum’s surge has undoubtedly helped the LINK price rise, since they have a strong correlation, considering that a significant portion of Chainlink’s Total Value Secured (TVS) is on Ethereum.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
