- LINK showed signs of being unwilling to repeat the 2020 trend.
- On-chain statistics showed that SOL could potentially continue to outperform LINK.
A lot of things have changed in the market since the last bull cycle, and one thing that may have gone unnoticed is Chainlink’s stock price. [LINK] trend.
Over the past 30 days, LINK’s price has increased by 0.69%. Solana [SOL]in contrast, it had increased by 66.23% during the same period. But it wasn’t always that way, especially with Bitcoin [BTC] The halving would take a few more days.
For example, Chainlink’s price made a significant jump before the May 2020 halving, LINK climbed from $2.07 to $4.07. Three months later the price doubled again.
Things are no longer what they seem
The current trend shown by the project shows that such achievements may not be repeated. AMBCrypto’s research shows that this change may be due to the impact Solana has had over the past year.
While LINK’s value has risen 182% over the past year, it hasn’t come close to the 819% jump that SOL made over the same period.
It is currently estimated that Bitcoin’s halving will take place on April 19. If there is no significant change in price action in the coming days, LINK may not move the same way it did in 2020 and 2016.
When it comes to the sentiment around both projects we found that they were similar. At the time of writing, the weighted sentiment around SOL was negative. Chainlink’s sentiment was almost indistinguishable from its counterpart.
Source: Santiment
These negative figures suggest that traders expect the prices of both tokens to fall in the near term. Although Solana outperformed, data across the chain showed that market participants did pay attention to ChainLink.
After the decline there may be a reprieve
At the time of writing, LINK’s social dominance has risen to 1,263%. Although Solana had a higher value, the trend dropped to 3.175%.
However, high social dominance is not always a good sign for the price of a cryptocurrency. Likewise, a low value of the statistic indicates greater potential for an increase.
Should the trend remain the same in the coming days, SOL could experience a price increase. While LINK has the potential to do the same, it may not be as grand as Solana’s prediction.
Source: Santiment
However, the performance of both cryptocurrencies after the halving could be bullish. Historically, Bitcoin loses its dominance days or weeks after the event. This allows altcoins to earn more profits for holders.
Realistic or not, here is LINK’s market cap in SOL terms
As things stand, ex post volatility can be extreme and altcoin prices can fluctuate between high levels.
But as things stabilize, circumstances may change. If this is the case, SOL and LINK could reach new yearly highs. Regardless of performance, Solana may have a higher market cap than Chainlink.