Altcoins
Top 3 Altcoins to watch this week: Solana, FTM and LINK
Most market analysts focused on Bitcoin last week regarding the spot disclosure trend of BTC ETFs, however, tokens such as Solana (SOL), Fantom (FTM), and Chainlink (LINK) stood out. This article explores the current price outlook and why these altcoins are worth putting on watchlists in the coming week.
Solana’s stabilization paves the way for growth
For much of this year, Solana has struggled with grid congestion that has compromised his projects and his community. However, with the Solana Foundation and its ecosystem developers launching a fix on mainnet, the protocol has remained relatively stable. This created a rally that kept the coin in the top 5 of the most capitalized cryptocurrencies.
Solana 7D chart. Source: CoinMarketCap
While Solana is changing hands for $169.50 at the time of writing with a drop of 1.83%, it has outpaced Bitcoin and Ethereum (ETH) for the week. Over this time, it has risen 17.32% compared to Bitcoin’s 7.98% and Ethereum’s 5.24%, respectively.
If Solana can maintain its resilience, with projects relaunching next week, it could see dramatic growth.
Fantom Updates Create Upside Potential
Fantom has continued to push the boundaries with its directed acyclic graph (DAG) technology. Despite this technological strength, Fantom is considered undervalued. At the time of writing, Fantom is trading at $0.8564, down 4.19% in 24 hours. Its growth over the past week, however, is so far pegged at 20.55%.
Fantom 7D chart. Source: CoinMarketCap
Recently, Fantom reveals new details about its Sonic Network migration. Sonic Network is Fantom’s answer to addressing the numerous scalability issues that protocols like Solana typically grapple with. By focusing on Fantom in the coming days, its price may finally test the $1 resistance level again.
Chainlink utility to start bearing fruit
In addition to Solana and Fantom, Chainlink also occupies an important aspect of the ecosystem. As a decentralized oracle service provider, Chainlink is advancing interoperability in ways no protocol has rivaled.
Chainlink 7D Chart. Source: CoinMarketCap
Chainlink’s attraction depends on it collaboration at a broad ecosystem level. Chainlink partnerships in the Web3 world feature a mix of Layer-1 and Layer-2 networks respectively. Currently trading at $16.63, up 22.97%, Chainlink comes in as one of the biggest gainers among the top 100.
Maintaining its relevance in the market, its price may witness further growth in the coming days.
To know more: Crypto Market Analysis 5/19: Altcoin Recovery Stalls as BTC Settles at $67,000