Cryptoanalyst Jacob recently gave his opinion on what to expect from the ethereum, solariumand Link of the chain records. According to their analysis, there could soon be significant price movements of these major altcoins.
Holding ethereum above $2400 could be the turning point
Noting how “significant” the $2400 price level was, Jacob stated during a appearance on the Paul Barron Network who ethereum/predictions-eth-price-ethereum/” rel=”nofollow noopener” target=”_blank”>eth could reach $2500 and higher if you manage to stay above him. However, the cryptocurrency analyst suggested that this will not be easy as he highlighted a bearish trend formation in which the eth price points to a new downward move.
Jacob and Paul Barron also alluded to recent developments that could provide some bullish momentum to the price of eth. One of them includes The recent Solana blackoutsomething that provides a positive narrative for the ethereum ecosystem, considering that Solana has always been proclaimed as the “ethereal killer.”
Another bullish narrative that analysts highlighted is the recent association between Godaddy Internet Domain Service Provider and the ethereum Naming Service (ENS). This move may help provide greater visibility for the ethereum ecosystem and positively impact the price of eth.
Interestingly, eth has already broken the $2,400 resistance level and appears to be holding comfortably above that level, currently trading at $2,450. However, it remains to be seen whether it will end up rising to $2,500, as Jacob has predicted, or fall below $2,400 once again.
<img decoding="async" class="aligncenter" src="https://technicalterrence.com/wp-content/uploads/2024/02/Ethereum-Solana-and-Chainlink-crypto-analyst-shares-bullish-predictions-for" alt="Tradingview.com ethereum Price Chart (Chainlink Solana)” width=”3286″ height=”1530″/>
eth price breaks $2,500 resistance | Source: ETHUSD on Tradingview.com
Predictions on Solana and Chainlink
Jacob predicted that SOL could continue to rise. He pointed out that movement in the oscillator is shaping up to be a “nice bullish formation” for the crypto token. The crypto analyst also mentioned how impressive it was that the SOL token was still able to post profits in spite of the recent blackout that the Solana network had found.
Paul Barron also weighed in and highlighted how Solana has seen a lot of activity lately, something that could have caused network congestion and led to the outage. However, he believes that congestion is a good thing because he shows that there are many projects who actively use the network.
Meanwhile, Jacob also sounded very optimistic on LINK, stating that the crypto token could reach $20 “quite easily.” However, he warned investors to be cautious about betting on LINK at its current price level, as he believes there could be a pullback before any new bullish move.
That setback already seems to be in play, as data from CoinMarketCap shows that LINK is down more than 3% in the last 24 hours.
Featured image from CryptoRank, chart from Tradingview.com
