Bitcoin halving about to happen: does this mean good news for Solana, LINK?

• LINK indicated that it was not ready to repeat its 2020 trend.
• On-chain metrics showed that SOL could continue to outperform LINK.

Many things have changed in the market since the last bullish cycle and one thing that probably went unnoticed is the movement of Chainlink (LINK).

Over the past 30 days, the price of LINK has increased by 0.69%. sunny Sunday)

In contrast, there was an increase of 66.23% in the same period. But this wasn’t always the case, especially with Bitcoin (BTC) just days away from the halving.

For example, Chainlink’s price surged significantly before the halving in May 2020, with LINK rising from $2.07 to $4.07. After three months the price doubled again.

Things are no longer what they seem.

The current trend shown by the project showed that such performance cannot be repeated. According to AMBCrypto research, this change may be due to the impact it had on Solana last year.

Although LINK has increased in value by 182% in the past year, it was nowhere near the 819% jump seen by SOL over the same period.

Currently, the Bitcoin halving is estimated to occur on April 19th. If there is no significant change in price action in the coming days, LINK will not be able to move higher like in 2020 and 2016.

When it came to sentiments regarding both projects, we found that they were similar. As of press time, the weighted sentiment around SOL was negative. Chainlink’s sentiment was almost indistinguishable from its counterpart.

These negative readings suggest that traders expect the prices of both tokens to fall in the short term. Despite Solana overtaking, on-chain data showed that market participants were paying attention

A chain link.

There may be relief after the fall

At the time of writing, LINK’s social dominance has increased to 1,263%. While Solana’s reading was higher, the trend dropped to 3.175%.

However, high social dominance is not always a good sign for the price of a cryptocurrency. Similarly, lower metric readings indicate greater probability.

If the trend remains the same for the next few days, we may see an increase in SOL prices. Although LINK has the potential to do the same, it may not be as great as Solana is predicted to be.

However, both cryptocurrencies may have a bullish performance after the halving. Historically, Bitcoin loses its dominance a few days or weeks after an event. This allows altcoins to provide greater profits to their holders.

Realistic or not, here is the linked market cap in terms of SOL

As things stand, volatility may be extreme following the event and altcoin prices may swing between higher ranges.

But when things stabilize, situations may change. If so, SOL and LINK could reach new yearly highs. Regardless of performance, Solana’s market capitalization could exceed Chainlink’s.

This is an automatic translation of our English version.