This week brought a positive trend in the crypto market, with Bitcoin knocking the $30K threshold. This development has sparked buyer interest in several altcoins, potentially signaling a recovery in the ‘Uptober’ movement. With the closing of October on the edge, historical patterns suggest a solid bullish week, possibly triggering a fresh round of purchases. 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 upswings around the psychological level of $30K, altcoins are now struggling to witness an influx of new capital. As a result, investors show less interest in altcoins.
According to Blockchain Center, the altcoin season index is now far away from 75 as it hovers around 20. It suggests that the current sentiment is favoring Bitcoin season, with BTC prices meeting buyers’ expectations. However, an aggressive purchase of altcoins next week might push the metric toward the North.
XRP Price Analysis
XRP price witnessed a massive upswing following Ripple’s victory against the SEC. As a result, the altcoin surged above EMA lines and is now holding above EMA20. However, bears a preventing further surge as the price faces selling pressure at $0.53.
Currently, the moving averages are leveling, and the RSI hovers just above the midline, signaling buyers’ comeback for the XRP within the $0.5 to $0.558 range. Should the price maintain above the moving averages, there’s a chance for the price to ascend to the next resistance level at $0.558 and then to $0.668.
Alternatively, a decline below the moving averages could enhance the chances of a decline to EMA200. A significant trend shift is anticipated if the price declines below $0.44.
Solana (SOL) Price Analysis
SOL price experienced a significant surge, surging above the crucial neckline of the inverse head-and-shoulders (H&S) formation, validating a positive trend.
The upward momentum continues as buyers dominate with long positions, with investors aiming to send the value past a critical hurdle at $30. Achieving this could pave the way for the SOL price to surge toward the anticipated target of $33.
Typically, following a breakout beyond significant resistance, there’s a tendency for the price to retract and revisit the former breakout point. Here, the price might draw back to test the neckline.
Should the price rebound from $24.5, it could signal the commencement of another bullish phase. Conversely, a downturn from $24 will result in the upper hand back to the bears, potentially dampening the market sentiment.
Chainlink (LINK) Price Analysis
The extended wick on Chainlink’s candlestick highlights strong purchasing activity by the bulls within the $7.6 to $8.7 range.
For a bullish trend continuation, buyers need to hold the momentum above the current level and send the price above $9.7. Successfully doing so could pave the way for a surge toward the next barrier at $12.2.
This point is likely to see a robust battle between the bulls and the bears. However, a decline below EMA50 will plunge the altcoin toward $5.7.