Crypto space had managed the situation pretty well as it maintained a notable upswing for the past couple of days. And hence absorbing the bullish trend, the Solana(SOL) price broke through the descending channel the previous trading day. Conversely, the Chainlink(LINK) price after rallying close to the resistance levels is experiencing a notable pullback.
Solana(SOL) price consolidated along the lower support levels for nearly 4 days and eventually sliced through the accumulation after gaining immense strength. While many expected the SOL price to continue with consolidation for another couple of days as the the asset had become less volatile, Solana did exactly the opposite. The asset after piercing through the descending channel is trying pretty hard to sustain at these levels.
The asset is currently attempting to maintain with a notable uptrend and eventually reach the liquidity area which is along the crucial resistance levels around $180. These levels are pretty much important to certify the upcoming trend else the SOL price could continue hovering within small braces and wait for the next push. Woefully, the trading volume does not match the momentum of the asset and hence swinings within the misty environment.
Chainlink price maintained a notable upward trajectory while most of the cryptos faced acute selling pressure. Now when most of the altcoins are preparing for a notable recovery, the LINK price showcases the possibilities of a minor pullback.
The correction signifies the exhaustion of the buying pressure which paved way for the sellers to extract some profit. However, the pullback appears for a limited time period, upon which the price could slash beyond $30.
The price maintained its trend within a rising channel throughout the month of December, and despite the Janvary sell-off, the price recovered quickly and hovered along the lower levels of the channel.
Currently, the price is experiencing a slight pullback and again testing the lower support levels yet again and the possibilities of a breakdown are pretty high. Yet after short retracement, the price is expected to resume with an uptrend to hit the upper resistance close to $32.