Solana Recovers Above $200, Is a New All-Time High Near? Chainlink Explodes Over First Spot ETF Filing

After weeks of volatility, Solana (SOL) has made a strong recovery above the crucial $200 resistance level, reigniting optimism among traders and investors about the potential for a new all-time high (ATH) in the near future. 

Meanwhile, Chainlink (LINK) has experienced a 9% price surge today, fueled by excitement over the first application in the U.S. for a spot ETF by Bitwise Asset Management.

Solana (SOL) Crosses $200, New All-Time High Looming

The price of Solana has rebounded with a sharp increase after briefly dropping under $180 this week. The Solana price has jumped by more than 8.9% in the last 24 hours to recover above the crucial $200 resistance zone and is now sitting around $203.

While the Solana price is up in the short term, the altcoin still remains in consolidation in an ascending triangle pattern, as highlighted by the crypto analyst Bluntz_Capital. However, the analyst believes that SOL will break out of this 36-day range very soon.

Based on the chart shared by Bluntz_Capital, the Solana price needs to form a clear top above the $220 resistance zone to break out of this pattern. When Solana clears this zone, the last major resistance level until its current ATH around $293 is at $260. 

Bluntz_Capital predicts that the price of Solana can rise even higher, setting his target as high as $380, an increase of 90% from SOL’s current range. CryptoJelleNL shares a similar sentiment, saying that the sky is the limit for Solana if it clears the last two major resistance levels.

Bitwise Management Files the First Spot Chainlink ETF, LINK Pumps 

Bitwise Asset Management has filed with the U.S. Securities and Exchange Commission to launch a fund tracking Chainlink and its LINK asset directly, making it one of the first ETF applications based on a blockchain infrastructure instead of a simple cryptocurrency.

The next significant action would be the 19b-4 filing, followed by the exchange approval of the S-1 form filed by Bitwise. While this process may take a few months, the LINK price has already gotten a boost from the news. 

Following the filing, the Chainlink price is up to its current range at $24.5 after trading as low as $22.9 yesterday. Analysts believe that the recent price pump could spark an even bigger rally for Chainlink in the coming weeks.

Thanks to the price pump, Chainlink has overtaken Hyperliquid in market cap. Chainlink ranks as the 11th largest crypto with a market capitalization of $16.8 billion and Hyperliquid ranks 12th with a market capitalization of 16.5 billion, according to CoinMarketCap.

CryptooELITES has shared a bullish price chart showing that the altcoin has been trading in a triangle pattern and is now nearing a potential breakout. When Chainlink breaks out of this pattern, CryptooELITES believes that it could rally to $100 in the mid-term, which he expects to be by year-end at the latest.

Supporting the potential rally, Arca explained that the TVL of Chainlink is back in all-time high territory. With this bullish trend, the analyst expects a 2017-style rally to happen again.