Chainlink, Solana, Theta Price Analysis: 10 May
Chainlink traded within an up channel and presented targets at $60 and $65 in a bullish outcome. Solana formed a bullish pennant and another price hike was expected if the bottom trendline is maintained. Lastly, Theta projected a rise above $14.7 over the long run, but its short-term outlook was bearish.
Source: LINK/USD, TradingView
A single candlestick on Chainlink rose above $50 but any further gains were swiftly denied by the sellers. This was more evident on the hourly timeframe after a series of red candlesticks emerged over the past few sessions. The daily timeframe showed an ascending channel after higher highs and lows were noted from mid-February. If LINK breaks north of this upper trendline, a price hike can be expected with a few targets at $60 and $65.
Squeeze Momentum Indicator still highlighted bullish momentum and a volatile market, but traders must be on the lookout for the first dark green bar as this could present a sell signal. RSI formed yet another peak in the upper region and moved south at press time. A breakdown from this pattern could highlight support levels at $23.7 and $18.1.
Source: SOL/USD, TradingView
Even though Solana maintained a consolidation phase over the past couple of weeks, $41.4 support was maintained and this was a bullish development. On the daily timeframe, a bullish pennant was spotted – a pattern that generally sees a break to the upside. Year-to-date gains amounted to over 2000% and this number would be amplified even more when SOL initiates an upcycle post a predicted breakout. RSI moved south from the overbought zone but maintained a bullish territory above 55.
Although a buy trade can be placed at $47, a safer bet would be to wait for a rise above $49.6-50. On the other hand, a breakdown from the pattern could go as low as $30 (50-SMA). OBV did note strong selling pressure over the past few days and the bulls would be in danger if this movement continued over the coming days.
Source: THETA/USD, TradingView
After a few candlewicks touched the upper ceiling at $13.2 but selling pressure dropped Theta backed towards $11-support. While the upper ceiling at $14.7 seemed distant, buying pressure has been on an uptrend according to OBV. This was a positive sign for a bullish breakout. However, the short-term outlook seemed bearish since the 24-hour trading volumes were muted across exchanges.
Chaikin Money Flow threatened to fall below equilibrium as capital outflows outweighed inflows. Pullbacks could take place around $10 or $8.5
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