A renowned crypto strategist, Rekt Capital, predicts a potential surge in the altcoin markets in the coming weeks. He believes the recent strong performance of Ethereum-based altcoins, such as Solana (SOL) and Chainlink (LINK), could trigger a broader altcoin hype cycle similar to what was witnessed in Q4 of 2023.
Solana and Chainlink Leading the Charge
In Q4 of 2023, the altcoin market was largely driven by the bullish price action of SOL and LINK. Both tokens experienced significant rallies, leading the overall altcoin market higher. Rekt Capital highlights that SOL and LINK are once again outperforming the market, suggesting a potential repeat of their strong performance in the upcoming quarter.
Chainlink’s Influence on the Market
Several analysts have recognized Chainlink’s significant impact on the crypto markets. Trader Inmortal observed that crypto witnessed rallies in Q4 2023 shortly after LINK broke out of its multi-month accumulation range. Similarly, analyst Kevin Svenson noted that LINK often initiates market rallies, and its recent price action suggests it could be leading the next run-up.
Current Market Performance
At the time of writing, LINK is trading at $17.91, marking a 20% increase since the start of the year. Solana is also performing well, currently valued at $98.46, up 24% from its January low of $79.
The strong performance of Ethereum-based altcoins, particularly SOL and LINK, has analysts predicting a potential surge in the altcoin markets in Q1 of 2024. These tokens have historically played a significant role in driving altcoin rallies, and their recent price action suggests they could do so again in the coming weeks.