The global crypto market continues its upward trajectory, recovering an additional $100 billion and reaching $2.2 trillion this week. Bitcoin led the charge, briefly reclaiming the $64,000 mark. As a result, many altcoins also showed significant gains.
Solana Reaches New Peak
Solana started the week with a sharp 4.21% decline but recovered strongly after a consolidation period, spiking 13.01% from September 18 through 21. This was largely due to the positive reaction of the crypto market to the Federal Reserve’s 50-basis-point rate cut and the unveiling of the new Solana phone, Solana Seeker. Solana ended the week with an 8.76% gain, reaching $149.41. The asset broke above the 20-day simple moving average on September 19 and has remained above it. However, trading volume has declined since the peak of 4.493 million SOL on September 20, indicating weakening buying interest. Solana was created by Anatoly Yakovenko, a former Qualcomm engineer, who founded Solana Labs in 2017 along with Greg Fitzgerald.
Chainlink Targets $12
Chainlink started the week by dipping with the broader market but quickly recovered to hit a monthly high of $11.74 on September 20. Despite a slight pullback, LINK managed to close the week with a 1.76% gain. Currently, LINK trades above the middle Bollinger Band ($10.70) and is close to retesting the upper band ($11.74). A breach above $11.74 could provide the bulls with enough strength to reclaim $12. Chainlink was created by Sergey Nazarov and Steve Ellis in 2017 as a decentralized oracle network that connects smart contracts with real-world data.
Bittensor Surges 43%
Bittensor emerged as one of the top gainers last week, soaring by 43%. The rally pushed TAO to retest $480 for the first time since May, although it faced resistance at this level. In the Donchian Channels, TAO is above the baseline ($350.1) and lower line ($219.6) but just shy of breaking the upper line ($480.5), indicating strong bullish momentum. Founders Shen-Juan Ting and Kei Kreutler created the platform to facilitate a marketplace for AI and machine learning models, allowing them to interact, share data, and receive incentives through TAO tokens.
The cryptocurrency market continues to show significant growth, with assets like Bitcoin, Solana, and Chainlink reaching new heights. Despite potential corrections, the overall trend remains positive.
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