The global crypto market continued its recovery, adding an additional $100 billion to reach a total market capitalization of $2.2 trillion last week. Bitcoin spearheaded this rally, momentarily reclaiming the $64,000 mark. This bullish momentum translated into significant gains for many altcoins.

Noteworthy Performers from Last Week

Solana Breaches 20-Day SMA

Solana (SOL) initially saw a 4.21% decline at the start of the week. However, following a consolidation period, it rebounded with a 13.01% spike from September 18 to 21. This was largely fueled by the market’s positive reaction to the Federal Reserve’s 50 basis point rate cut and the announcement of Solana’s new phone, Solana Seeker.

By the end of the week, Solana posted an 8.76% gain, closing at $149.41. The asset broke above its 20-day simple moving average (SMA) on September 19 and has remained above it since. However, trading volume has declined since peaking at 4.493 million SOL on September 20, suggesting that the rally may be losing momentum.

If the volume remains low, it could indicate weakening buying interest, potentially leading to a reversal. Key areas to watch this week include support around $135 (the 20-day SMA) and resistance near $150.

Solana was developed by Anatoly Yakovenko, a former Qualcomm engineer, who founded Solana Labs in 2017 alongside co-founder Greg Fitzgerald. Raj Gokal and a team of developers also contributed to the launch of Solana’s blockchain in March 2020.

Chainlink Targets $12

Chainlink (LINK) began the week dipping alongside the broader market but quickly recovered to reach a monthly high of $11.74 on September 20. Despite a slight pullback, LINK closed the week with a modest 1.76% gain. The token underperformed compared to others, despite a partnership with Fireblocks for stablecoin issuance.

Currently, LINK trades above the middle Bollinger Band ($10.70) and is nearing the upper band ($11.74). A break above the upper band resistance could provide the bulls with enough strength to reclaim $12.

This week, traders should watch for a breakout above $11.74, signaling a potential upward move. Conversely, a drop below the middle band at $10.70 could bring the lower band support at $9.65 into play.

Chainlink was created by Sergey Nazarov and Steve Ellis in 2017, envisioned as a decentralized oracle network that connects smart contracts with real-world data.

Bittensor Rallies 43%

Bittensor (TAO) emerged as a top gainer last week, with the decentralized, open-source protocol surging by 43%. This rally pushed TAO to retest $480 for the first time since May, although it faced resistance at this level. Despite a slight drop, TAO is trading at a four-month high.

In the Donchian Channels, TAO is above the basis line ($350.1) and the lower line ($219.6) but is just shy of breaking the upper line ($480.5). This suggests that while bullish momentum is strong, further gains may be limited unless TAO breaches $480.5.

The Commodity Channel Index has surged to 212.28, its highest since January, indicating that TAO may be overbought. This could lead to a short-term pullback unless strong buying pressure continues.

Bittensor aims to create a marketplace for artificial intelligence (AI) and machine learning models. The platform, created by Shen-Juan Ting and Kei Kreutler, is designed to allow AI models to interact, share data, and be incentivized through TAO tokens.

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