Fartcoin (FARTCOIN), Chainlink (LINK), and Solana (SOL) continue to break out, entering the group of the strongest growing altcoins in the last 24 hours, amidst a market flooded with green. This excitement occurs against the backdrop of the U.S. Consumer Price Index (CPI) for July remaining at 2.7%, and U.S. Treasury Secretary Scott Bessent unexpectedly proposing a 50 basis point rate cut, adding a positive breeze to investor sentiment.
Fartcoin leads the upward momentum
As of Wednesday, Fartcoin recorded a 1% increase, extending its upward momentum to 19% from the previous session. The meme coin on the Solana platform has reclaimed both the psychological threshold of $1 and the Fibonacci level of 61.8% at $1.005, measured from the peak of $2.740 (January 19) down to the low of $0.198 (March 10).
To solidify the bullish trend, FARTCOIN needs to break through $1.085 to eliminate the engulfing bearish candle that appeared on Monday. If successfully conquered, the uptrend could extend to the Fibonacci level of 78.6% at $1.562.
Technically, the MACD is giving mixed signals as the MACD line converges with the signal line, while the RSI has bounced from 48 to the neutral zone, reflecting that buying pressure is gradually recovering.
Conversely, if it loses the $1,000 mark, FARTCOIN risks a deep correction to $0.737 – corresponding to a 50% retracement.
Chainlink reboots the bullish trend
Chainlink (LINK) is regaining its form after launching high-quality foreign exchange and precious metal data sources on the blockchain. As of Wednesday afternoon, LINK's price continues to rise by 2%, extending the breakout of 12% from Tuesday's session, marking a return to the bullish trend after a 4.49% correction on Monday.
Currently, LINK's upward momentum is targeting the level of $26.86 – a price that was last tested on January 22 – corresponding to an additional potential increase of about 10% from the current level.
However, the RSI has reached 73, indicating an overbought state as demand increases sharply, posing a risk of correction. Nevertheless, technical signals still lean towards the bullish trend as both the MACD line and the signal line are trending upwards.
In the opposite scenario, if buying pressure weakens, LINK may turn back to test the important support area at $22.05.
Solana approaches the breakout level of $200
Solana continues to break out in Wednesday's trading session, rising another 3% after a jump of 9.69% the day before. This layer-1 token is currently approaching the psychological mark of $200, after breaking through the Fibonacci level of 61.8% at $191 — measured from the peak of $295 on January 19 down to the low of $95 on April 7.
If SOL closes firmly above the Fibonacci level of 61.8%, the uptrend could be extended towards the Fibonacci level of 78.6% at $232.
Technical signals are supportive of the upward trend: the MACD line crossed above the signal line on Tuesday, issuing a strong buy signal, while the RSI is at 64 and continues to rise, indicating that there is still potential for price increase.
However, if it cannot maintain above the $191 level, SOL risks retreating to the $167 area, coinciding with the 50% Fibonacci retracement level.