This week brought a positive trend in the crypto market, with Bitcoin crossing the $30,000 threshold. This development has fueled buyer interest in several altcoins, potentially signaling a recovery in the ‘Uptober’ movement. With the October close looming, historical patterns indicate a solid bullish week, which could potentially spark another round of buying. Consequently, several altcoins such as Ripple’s XRP, Solana and Chainlink are poised for further gains.
Bitcoin attracts Altcoin investors
With Bitcoin price witnessing massive volatility and surges around the psychological level of $30,000, altcoins are now struggling to witness an influx of new capital. As a result, investors are showing less interest in altcoins.
According to Blockchain Center, the altcoin seasonal index is now far from 75 and hovering around 20. It suggests that current sentiment favors Bitcoin season, with BTC prices meeting buyers’ expectations. However, aggressive buying of altcoins next week could push the value north.
XRP Price Analysis
The XRP price witnessed a massive surge after Ripple’s win at the SEC. As a result, the altcoin rose above the EMA lines and is now holding above the EMA20. However, further gains are prevented as the price faces selling pressure at $0.53.
Currently, the moving averages are leveling out and the RSI is hovering just above the midline, signaling the comeback of buyers for the XRP within the $0.5 to $0.558 range. Should the price remain above the moving averages, there is a chance that the price will rise to the next resistance level at $0.558 and then to $0.668.
Alternatively, a drop below the moving averages could increase the chances of a drop to EMA200. A significant trend shift is expected if the price falls below $0.44.
Solana (SOL) Price Analysis
SOL price saw a significant increase, rising above the crucial neckline of the inverse head-and-shoulders (H&S) formation, confirming a positive trend.
Upside momentum continues as buyers dominate with long positions, with investors aiming to send the value past a critical hurdle at $30. If this is achieved, it could pave the way for an increase in SOL price towards the expected target of $33.
Normally, after a breakout without significant resistance, there is a tendency for the price to pull back and return to the previous breakout point. Here the price could pull back to test the neckline.
Should the price recover from $24.5, it could mark the start of a new bullish phase. Conversely, a decline from $24 will result in a return to the bears, potentially dampening market sentiment.
Chainlink (LINK) price analysis
The extended wick on Chainlink’s candlestick highlights the bulls’ strong buying activity within the $7.6 to $8.7 range.
For a continuation of the bullish trend, buyers need to keep the momentum above the current level and send the price above $9.7. If done successfully, it could pave the way for a rise to the next barrier at $12.2.
At this point, a fierce battle is likely to take place between the bulls and the bears. However, a drop below the EMA50 will send the altco down to $5.7.