The cryptocurrency market has seen some interesting trends recently, with Chainlink (LINK) showing signs that it may not repeat its 2020 performance. On the other hand, Solana (SOL) has been outperforming LINK according to on-chain metrics.
In the past 30 days, LINK has only increased by 0.69%, while SOL has surged by 66.23%. This is a stark difference from previous years when LINK experienced significant price jumps before Bitcoin halving events. However, it seems that the dynamics have shifted, with Solana now taking the spotlight.
Despite LINK’s value rising by 182% in the past year, it pales in comparison to SOL’s impressive 819% jump. The upcoming Bitcoin halving could further impact the performance of both cryptocurrencies, with traders expecting prices to fall in the short term.
While LINK’s social dominance has increased, indicating market participants are still interested in the project, Solana’s potential for price growth seems more promising. Post-halving performance could be bullish for both cryptos, with altcoins potentially providing more profits for investors.
With volatility expected to be high in the coming days, the market could see significant swings in altcoin prices. However, if conditions stabilize, both SOL and LINK could reach new yearly highs, with Solana potentially surpassing Chainlink in market capitalization. Investors will need to keep a close eye on these trends as the market continues to evolve.