Crypto analyst Jacob recently gave his thoughts on what to expect from the Ethereum, Solana, and Chainlink tokens. Based on his analysis, there could be significant price movements from these major altcoins soon enough.
Ethereum Holding Above $2400 Could Be The Turning Point
Noting how “significant” the $2400 price level was, Jacob stated during an appearance on the Paul Barron Network that ETH could run to $2500 and above if it manages to hold above it. The crypto analyst, however, suggested that this won’t be easy as he highlighted a bearish trend formation where ETH’s price is eyeing a further move to the downside.
Jacob and Paul Barron also alluded to recent developments that could provide some bullish momentum for ETH’s price. One of them includes Solana’s recent outage, something that provides a positive narrative for the Ethereum ecosystem, considering that Solana has always been proclaimed to be the “Ethereum killer.”
Another bullish narrative that the analysts highlighted is the recent partnership between Internet domain service provider Godaddy and the Ethereum Name Service (ENS). This move can help provide greater visibility for the Ethereum ecosystem and positively impact ETH’s price.
Interestingly, ETH already broke the $2400 resistance level and looks to be holding comfortably above that level, currently trading at $2450. However, it remains to be seen if it will end up climbing to $2500, just like Jacob has predicted, or slide below $2400 once again.
ETH price breaks $2,500 resistance | Source: ETHUSD on Tradingview.com
Predictions On Solana And Chainlink
Jacob predicted that SOL could move further to the upside. He noted that movement on the oscillator is lining 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 record gains despite the recent outage that the Solana network had encountered.
Paul Barron also chipped in and highlighted how Solana has seen a lot of activity as of late, something which could have caused the network congestion and led to the outage. He, however, believes that the congestion is a good thing because it shows that there are a lot of projects that are actively using the network.
Meanwhile, Jacob also sounded very bullish on LINK, stating that the crypto token could hit $20 “pretty easily.” He, however, warned investors to be cautious about going all in on LINK at its current price level, as he believes that there could be a retracement before any further move to the upside.
That retracement already seems to be in play, as data from CoinMarketCap shows that LINK is down over 3% in the last 24 hours.
Featured image from CryptoRank, chart from Tradingview.com