The cryptocurrency market is ready to hit a big target with the launch of an Ethereum ETF. Here are the cryptocurrencies that are believed to be likely to rise after this event: Chainlink (LINK), Solana (SOL), and Cardano (ADA).
Chainlink (LINK): Whale activity could spark a rally
LINK has been on the rise in value lately. It is up over 150% in the past year alone. This bullish trend is expected to continue as Santiment reports that there are over 564 100K+ LINK holders, a 4.6% increase in just five weeks.
Moreover, LINK is trading above the 100-day and 200-day MAs while having 26 technical indicators in the green. Hence, prominent market analysts have made a bullish price prediction. They expect the Chainlink price to jump to $23 by the second quarter of 2024.
Solana (SUN)
SOL is up more than 750% in the past 12 months. This bullish trend is likely to continue. He likened the cryptocurrency’s growth to Ethereum’s growth in 2021.
Technical analysis is also supportive, with the price above its 100-day and 200-day EMAs. Moreover, 27 technical indicators are currently in buy zones. This makes SOL one of the most worthwhile cryptocurrencies to invest in before an Ethereum ETF gets approved.
Cardano (ADA): Up 15x in May
Lastly, ADA is the cryptocurrency that has been riding a bullish wave. CoinMarketCap data shows that Cardano price has risen by nearly 30% in the past 12 months. This bullish trend is bound to continue. The cryptocurrency could soon rise to $7.80.
With the Ethereum ETF approval date also approaching, this ADA price prediction may come true sooner. Currently, the price is above the 200-day moving average and has 14 green technical indicators. Therefore, it is predicted to rise to $0.67 before the end of the second quarter of 2024.
(Personal opinion, not a recommendation)
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