Solana is dominating the altcoin market as other tokens wait for their moments to shine. Analysts have said that the actual season for altcoins is likely to come after Bitcoin Halving, adding that what’s happening now is the initial phase of the season. SOL has roughly gained 850% in the last 6 months, while the likes of ETH, ADA, and LINK have gained in the range of 100–200%.
SOL soared from $21 to more than $200 in the last 6 months. However, it is currently dancing around $186, down by 0.075 in the last 24 hours. LINK gained 200% as the other two tokens surged by ~100%.
Concerns in the market are doing the rounds, with traders wondering if other tokens will ever bounce back or if the market now belongs to SOL. Things will change after Bitcoin Halving when the crypto sphere notices an upturn in its values. SOL can be expected to dominate and gather the spotlight until then.
Dan Gambardello, a Cardano bull, expressed his views about the performance of SOL, ADA, and LINK. His emphasis was more on LINK, saying that the token has gained significantly ahead of the Halving event, which is tentatively scheduled to happen in April 2024.
Simply put, LINK mooned as other tokens barely climbed up the ladder. Dan further noted that Chainlink has maintained the momentum since Bitcoin Halving that happened in 2020. It did lose steam, but it is back on track at the moment.
LINK has plummeted by 2.195 in the last 24 hours, trading at $19.05 at the time of writing this article. That still marks a rise of 166.30% in the last year.
SOL may continue its bullish trajectory even if its growth slows down. The token is exchanging hands at $186.62, up by 0.19% in the last 24 hours at the time of writing this piece. Solana price prediction estimates that SOL will end the decade in 2030 on a higher note, probably at $500.
Presently, ADA and ETH are trading at $0.6464 and $3,573.86, respectively. These values are slightly down from what they were 24 hours ago. The initial impact of Bitcoin Halving could be on ETH, followed by other tokens. SOL will rise, too, but the pace is still being determined. The tables may turn, and other altcoins may eventually overtake its growth on the charts.
Members of the community are responding to this speculation. Some members are saying that they hold ADA primarily because of its fundamentals, community, and technology. Others have said that anyone who holds ADA also has BTC in their portfolios. Signaling that the rise in BTC after Halving will have a major impact on ADA. Most of them may even consider profit-taking as a step toward achieving desirable yields.