Daily Crypto Signals: Bitcoin Climbs Past $117K, Solana and Chainlink Outperform
Bitcoin continues its relentless climb above $117,000 as institutional adoption accelerates, while Solana rallies toward a potential $300
Quick overview
- Bitcoin continues to rise above $117,000, driven by institutional adoption and positive market sentiment.
- Solana's price has surged past $250, with institutional interest pushing it toward a potential $300 target.
- Regulatory clarity is improving, with significant developments in the US and Australia facilitating crypto market growth.
- Chainlink has gained over 82% since July, nearing key resistance levels and showing strong bullish potential.
Bitcoin BTC/USD continues its relentless climb above $117,000 as institutional adoption accelerates, while Solana SOL/USD rallies toward a potential $300 target fueled by corporate treasury strategies and ETF approval hopes. The broader crypto market gains momentum as regulatory clarity initiatives advance in Congress and international partnerships strengthen blockchain infrastructure development.
Crypto Market Developments
This week, there were big changes in the rules and institutions that govern cryptocurrencies. These changes set the ground for the industry to keep growing. The US and UK signed a memorandum of understanding to work together on quantum computing, telecommunications, nuclear energy, and artificial intelligence. This will have an impact on the security of blockchain and the building of new infrastructure. This relationship includes joint research projects to create standards for quantum computing. This is very important for the crypto industry because quantum computing could change how encryption works.
There is now a lot more clarity in the rules since Coinbase CEO Brian Armstrong said he was sure that the Digital Asset Market Clarity Act would pass Congress. He called it “a freight train leaving the station.” The law’s goal is to make it clear what the Securities and Exchange Commission and the Commodity Futures Trading Commission are responsible for when it comes to regulating cryptocurrency markets. At the same time, Australia’s Securities and Investments Commission made it easier for stablecoin distributors to get licenses, which made it easier for intermediaries to deal with stablecoins produced by regulated companies. The SEC also approved Grayscale’s Digital Large Cap Fund, which is the first multi-asset crypto exchange-traded vehicle in the US. This is another big step forward for institutional crypto adoption.
Bitcoin Getting Ready to Breakout Past $117,000?
The price of Bitcoin (BTC) is still going up, and the leading cryptocurrency is now above $117,000 and looking for a possible breakout toward $118,000. Technical analysis shows that a bullish trend line is formed with support at $115,800. The price has also broken over previous resistance levels at $116,200 and $116,500. The bulls drove Bitcoin up to $117,920, but then a small reversal brought it down to the 50% Fibonacci retracement level near $116,750.
The structure of the market shows that prices will continue to rise. The first level of resistance is at $117,500, and the second level is at $117,850. If the price breaks above $118,000, it might go up more toward $118,500 and maybe even $118,800. The next big barrier is around $119,250. But if the price doesn’t break through the $117,850 resistance zone, it could fall back to support levels around $116,550 and $115,800, with strong support at $112,500.
Solana Price Prediction: $300 Next Key Target?
The price of Solana’s native token rose beyond $250, its highest level in almost eight months. Over the past 30 days, it has outperformed the wider altcoin market by 25%. The increase has mostly been caused by companies using SOL tokens, with institutions now holding more than 17 million SOL tokens worth $4.3 billion. Some of the biggest companies that own SOL include Forward Industries (6.82 million SOL), Sharps Technology (2.14 million SOL), and both Defi Development Corp and Upexi Inc. (near to 2 million SOL apiece).
The institutional adoption strategy is similar to Michael Saylor’s at MicroStrategy, which involves issuing corporate loans to buy bitcoin reserves. Helius Medical Technologies just launched a $500 million SOL treasury program, which backs up the idea of a reserve asset even further. The SEC’s approval of more crypto ETFs plus Solana’s higher staking yield of 6.8% compared to Ethereum’s 2.9% make SOL’s route to $300 seem more likely. The blockchain’s total value locked of $14.6 billion makes it the second-largest DeFi ecosystem. Options market data reveals that call premiums are higher than put premiums, which means that derivatives traders are still feeling bullish.
Chainlink Sees Over 82% Gains Since July
Chainlink LINK/USD is having its best quarter since Q1 2021, with an amazing 82.5% rise since July 1. It is now trading at $24.50. The coin is getting near to important resistance at $25.30. If it closes over this level at the end of the month, it will be its highest price since October 2021. Technical analysis shows that a huge 45-month cup-and-handle pattern is about to be confirmed, and the neckline resistance at $25.30 might lead to a big breakout.
Long-term price forecasts for LINK go as high as $125, which would be a 415% increase from where it is now. Short-term targets are $47.15 and $88.26. The optimistic case is backed up by falling exchange reserves, which fell to 158 million tokens on September 15, the lowest level since June 2022. This means that there is less selling pressure. Chainlink is still the leader in the oracle industry, holding more than 83% of Ethereum’s entire value and about 67-68% of the overall oracle market. This protects more than $93 billion in onchain value. Recent partnerships with UBS and DigiFT to tokenize real-world assets in Hong Kong, along with the protocol’s position in the growing $66 billion RWA market, give strong support for the ambitious $100 price objective.
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