Solana and Chainlink crypto boom Is it too late to ride the boom

2023 observed a strong start as the crypto market song, a slight drop due to the global inflation data in the macroeconomic situation. However, major cryptocurrencies such as Bitcoin, Ethereum and other altcoins including Solana and Chainlink have risen significantly in value and popularity as increased investment expectations have intensified.

In this article, we will analyze the recent crypto boom, understand what factors are driving it, and evaluate whether it is suitable for traders and investors to join the crypto market.

Solana’s Surge and Future Outlook (30 Day Time Frame)

Solana’s native SOL tokens have experienced a significant increase in the recent boom, rising over 46% in the past week. It has developed an impressive crypto trend, with Solana marking an increase of around 4.63% in the past week and a remarkable surge of over 100% in the previous month.

At the time of writing, Solana was trading at $56.81, reflecting a bullish market sentiment around 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 hit yearly highs, suggesting a broader upward trend. Recent studies conducted by CoinShares stated that the SOL tokens have seen significant inflows of around $16 million in the past two weeks. This interest added credibility to the sign’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 caused irrational and hasty decision-making since investors feared missing out on potential profits associated with Solana.

According to us Solana’s prediction, the crypto is expected to trade between $40.90 and $58.87 in 2024, with an average price hovering around $49.88. Changelly estimated the Solana price to average around $51.90, with a minimum and maximum price of $32.91 and $70.80 respectively in 2024. Price forecast analysis by CoinCodex estimates a yearly low and yearly high of $57.25 respectively and $416.19 in 2024.

Chainlink’s boom and future prospects

Chainlink’s native token, LINK, experienced an impressive surge of over 80%, reaching 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 an increase in LINK demand and growing token adoption. This influx contributed significantly to the rising price of LINK tokens.

At the time of writing, Chainlink was trading at $15, highlighting the strong interest of institutional investors in the LINK token. Additionally, several recent partnerships and integrations have supported the Chainlink rally and contributed to Chainlink’s outperformance among its peers. The recent announcement of the crypto partnerships fueled the LINK’s strike pool. In addition, the integration of Chainlink into different blockchain networks has also fueled optimism among Chainlink investors.

According to us Chainlink prediction, the token is estimated to be worth between $10.15 and $14.61 in 2024, with an average LINK price of $12.38. According to Changelly’s Chainlink, price forecast for 2024 will average around $14.80, with minimum and maximum prices of $12.33 and $13.57. Chainlink price prediction by CoinCodex is estimated at $15.08 and $93.94 as the 2024 annual low and annual high LINK prices.

Factors Driving Solana’s and Chainlink’s Boom

Some interesting moves and news in the crypto space have seen Solana, Chainlink and other such tokens appear in the past few weeks. After the fallout of the crypto market due to the collapse of the popular crypto exchange FTX, many companies such as Visa, Shopify, Vodafone and Blackrock built their products and payment systems on Chainlink and Solana.

Although the hype cycle of these cryptocurrencies has subsided in recent years, the momentum seems to be back, with the virtuous cycle still operating. These partnerships have led to higher values, attracting more attention and higher values ​​of SOL and LINK tokens.

Additionally, the mainstream adoption of blockchain technology, institutional interest and broader market trends have driven these cryptocurrencies into 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.

Closure

The reasons behind the recent rise in Solana and Chainlink prices are not a simple stroke of luck, but a culmination of tremendous potential. These tokens have proven to be excellent long-term investments due to their innovative use cases, partnerships and collaborations that turn any average crypto user into a novice investor. Solana and Chainlink have made rapid progress in the decentralized ecosystem.

However, even with our price prediction for SOL and LINK tokens, it is highly recommended that investors do their extensive research and due diligence before participating in crypto investments. Although Chainlink and Solana price increases have opened doors of financial independence for institutional investors, crypto investments are still high risk and can lead to potential losses.