2023 observed a strong beginning as the crypto market song, a slight downfall due to the global inflation data in the macroeconomics situation. However, major cryptocurrencies like Bitcoin, Ethereum, and other altcoins, including Solana and Chainlink, considerably rose in value and popularity as increased investment expectations intensified.
In this article, we will analyze the recent crypto boom, understand what factors drive it, and evaluate whether it is suitable for traders and investors to join the crypto market.
Solana’s Surge and Future Outlook (30 days time-frame)
Solana’s native SOL tokens have experienced a substantial uptick in the recent surge, rising by more than 46% in the last week. It has developed an impressive crypto trend, with Solana marking an increase of about 4.63% in the last week and a remarkable surge of more than 100% in the previous month.
At the time of writing, Solana was trading at $56.81, reflecting a bullish market sentiment surrounding SOL tokens. The positive valuation of Solana can be attributed to one key factor: the overall bullish market trend prevailing in the crypto market. Major players such as Bitcoin and Ethereum have also notably reached yearly peaks, suggesting a broader uptrend. Recent studies conducted by CoinShares stated that the SOL tokens witnessed considerable inflows of about $16 million in the last two weeks. This interest has added credibility to the token’s growth story.
Another psychological phenomenon, the fear of missing out or the FOMO effect, has also been a notable factor behind Solana’s recent surge. The phenomenon has triggered irrational and hasty decision-making since investors feared missing out on potential gains associated with Solana.
According to our Solana forecast, the crypto is expected to trade between $40.90 and $58.87 in 2024, with an average price revolving around $49.88. Changelly has estimated the Solana price to be around $51.90 on average, with a minimum and maximum price of $32.91 and $70.80 in 2024, respectively. Price predictions analysis by CoinCodex estimates a yearly low and yearly high of $57.25 and $416.19, respectively, in 2024.
Chainlink’s Surge and Future Outlook
Chainlink’s native token, LINK, experienced an impressive surge of more than 80%, hitting a yearly high of $16.42. Glassnode’s data revealed increased non-zero balance addresses for Chainlink tokens. The addresses represent unique LINK token holders, indicating a surge in LINK demand and growing token adoption. This influx has substantially contributed to the soaring price of LINK tokens.
At the time of writing, Chainlink was trading at $15, underscoring the strong interest of institutional investors in the LINK token. Moreover, several recent partnerships and integrations have backed the Chainlink rally and contributed to Chainlink’s outperformance among its peers. The recent announcement of the cryptos partnerships has fuelled the LINK’s staking pool. Additionally, the integration of Chainlink into different blockchain networks has also fuelled optimism among Chainlink investors.
According to our Chainlink prediction, the token is estimated to be between $10.15 and $14.61 in 2024, with an average LINK price of $12.38. According to Changelly’s Chainlink, price prediction 2024 is expected to be around $14.80 on average, with minimum and maximum prices of $12.33 and $13.57. Chainlink price prediction by CoinCodex is estimated to be $15.08 and $93.94 as the yearly low and yearly high LINK prices for 2024.
Factors driving Solana’s and Chainlink’s Boom
A few interesting moves and news in the crypto space have led Solana, Chainlink, and other such tokens to pop up in the last few weeks. After the crypto market fallout due to the collapse of the popular crypto exchange FTX, many companies such as Visa, Shopify, Vodafone, and Blackrock have been building their products and payment systems on Chainlink and Solana.
Although the hype cycle of these cryptocurrencies has died down in the past few years, the momentum seems to be back, with the virtuous cycle still functioning. These partnerships have led to higher values, attracting more attention and higher values of SOL and LINK tokens.
Moreover, the mainstream adoption of blockchain technology, institutional interest, and broader market trends have driven these cryptocurrencies to crypto market booms. Solana and Chainlink have become the leaders of the utility blockchains, and as more platforms start using these tokens, SOL and LINK could be the potential winners in the crypto market.
The reasons behind the recent surge in Solana and Chainlink prices are not a simple stroke of luck but a zenith of immense potential. These tokens have proven excellent long-term investments due to their innovative use cases, partnerships, and collaborations that turn any average crypto user into a start-up investor. Solana and Chainlink have made rapid strides in the decentralized ecosystem.
However, even with our price prediction for SOL and LINK tokens, it is highly recommended that investors carry out their extensive research and due diligence before participating in crypto investments. Although Chainlink and Solana price surges have opened doors of financial independence for institutional investors, crypto investments are still high-risk and may lead to potential losses.