The intensifying bearish action during the weekend has been a major concern over the crypto markets nowadays. The bears are extracting the weekly profits quickly, leaving the market participants bewildered about the next course of action. However, two of the popular altcoins, Solana & Chainlink, are fighting the bearish heat, which may either result in a fresh bearish spell or a strong rebound.
The start of the month was largely bearish after the bulls failed to hold the levels above the gains. Furthermore, the past weekend also turned out to be bearish, which squeezed out the gains incurred in the past couple of days. This may have led the traders into disbelief as the bulls are facing a tough challenge from the bears, which may turn the tables for the SOL price rally.
The Solana price is heading towards the lower support of the descending triangle as bearish pressure escalates over the token. The Ichimoku cloud remains bearish, which substantiates the bearish claims. However, the OBV, or on-balance indicator, the volume-based indicator, demonstrates a bullish reversal. Hence, indicating a fresh buying volume to have entered, causing a fresh rise. Therefore, the SOL price may maintain an ascending consolidation to reach $138, which may push the levels above $140 in the next move.
Chainlink price broke down below the crucial range which has been acting as a strong support zone since the start of the year. This has raised the speculations of the price maintaining a steep bearish trend to mark the monthly lows below $10. However, the bears do not appear to be lucky enough as the bulls may successfully hold the rally above $12 regardless of the escalating upward pressure.
Observing the chart indicates that the LINK price may remain under bearish captivity and look out for lower targets. However, the bottomed RSI and the neutral DMI suggest the bulls could be passive at the moment but may soon regain momentum anytime soon. Till then, the Chainlink (LINK) price is expected to remain consolidated between $13.06 and $12.21, which offers a strong base to accumulate strength. Once done, a strong upswing could lead the rally above $15 after surpassing major resistance at $13.69.
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