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The crypto market, led by Bitcoin (BTC), is about to witness a surge in buying pressure as multiple altcoins are awaiting for a breakout. Chainlink (LINK), Avalanche (AVAX), Injective (INJ), and Cardano (ADA) are among the cryptos gaining traction.
Meanwhile, the total market cap of the crypto sector stands at $2.32 trillion, up 0.67% in the past 24 hours, according to CoinMarketCap data. The crypto market Fear and Greed Index reads a value of 58 which means that neither the buyers nor the sellers have complete dominance.
While Bitcoin continues to consolidate between $60,000 and $69,000, a key resistance zone, Chainlink (LINK) has surged by over 4% in the past 24 hours. The 15th-largest cryptocurrency, with a market cap of $7.17 billion, is also up 7.05% over the past week and 9.56% in the last 30 days.
Avalanche (AVAX) has surged 0.5% in the past 24 hours and is trading at $27.58 with a market capitalization of $11.22 billion, ranked 12th on CoinMarketCap. The cryptocurrency has surged 4.35% in the past week and 18.60% in the last 30 days. Notably, the altcoin is up 202.18% since October 2023.
Both LINK and AVAX are trading at significant discounts to their all-time highs which were attained during the previous bull run of 2021. The volumes of both the tokens are picking up and it is possible that both might turn bullish in the short term.
INJ and ADA to Turn Bullish?
INJ has risen 1.40% to $21.96 in the past 24 hours and is trading at a massive discount of 59.36% to its all-time high of $52.75 printed in March 2024. The cryptocurrency has risen 11.46% in the past seven days, 17.38% in the last 30 days, and 177.49% since October 2023.
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Investors are also anticipating a bullish run for ADA, the native token of the Cardano blockchain. Up 0.69% in the past day, ADA is trading at $0.3473, down 88.79% from its all-time high of $3.10. Over the past 30 days, ADA has risen 4.80%, and it has gained 40.84% since October 2023.
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