cryptocurrency The market continues to consolidate, with Bitcoin price consistently holding the $42,000 support level in recent days. As investors try to find their way among current market movements, they are carefully monitoring crypto assets that promise huge gains in the event of a bull market.
Koinfinans.com As we reported, the market continues to be driven by positive expectations stemming from events such as the upcoming Bitcoin halving event and the possible launch of an Ethereum-based exchange-traded fund (ETF).
On the other hand, there are several cryptocurrencies on the market where investments at current prices can provide significant returns. In this context, assets that attract attention both in terms of price performance and technical developments may present an opportunity.
Solana (LEFT)
The so-called “Ethereum killer” solana (SOL) has shown significant growth in recent months, mainly thanks to increased network activity. This growth occurred after overcoming problems arising from the collapse of the FTX exchange. The token experienced a significant rise last year, reaching a peak of over $121.
Part of this rise can be attributed to the demand for Solana-based meme coins, which have gained popularity recently. For example, the latest meme coin WEN, which contributed to the addition of over 10 million new Solana addresses in January 2024, was distributed free to users.
Additionally, the intense interest in Solana’s cryptocurrency-focused Saga smartphone is also noteworthy. Following the positive feedback on the first smartphone model, pre-orders for the second model reached almost 30,000 within an hour, indicating huge demand.
Recent developments and important indicators such as transaction volume reveal the increasing buying pressure on the network. In January, transaction volume reached $1 trillion, the highest level in recent years, a 30% increase compared to December 2023.
This increased activity could give Solana a more solid footing and trigger an increase in SOL price. An overall market bull run could be a significant impetus for a sustainable rally, turning a $100 investment into huge returns.
As of now, Solana is trading at $97.51, down 0.1% on the week.
Chainlink (LINK)
Chainlink (LINK) plays an important role in the decentralized finance (DeFi) space by connecting smart contracts and real-world data. Thanks to its reliable and secure decentralized oracle services, it has become an indispensable element for many blockchain projects. These features have helped the LINK token to constantly increase its value.
Recently, LINK has experienced a significant increase in value, leading to remarkable rises in the altcoin market. This increase allowed LINK to surpass Tron (TRX) to become the eleventh largest cryptocurrency in terms of market cap.
Currently, Chainlink aims to reach new price targets as it moves towards the $20 target under the influence of on-chain activities.
During this period, according to Santiment’s analysis, the increase in long-dormant wallets led to a record Consumed Age increase of 5.38 billion for Chainlink. Consumed Age is calculated by multiplying the number of days that coins are inactive multiplied by the amount of that movement. This LINK flow appears to have had a significant impact on the recent price increase.
Polygon (MATIC)
polygon (MATIC), the Layer 2 solution presented as an effective solution to the scaling problems of the Ethereum network, has received widespread praise. It increases the functionality and efficiency of decentralized applications by providing a framework that facilitates the creation and interconnection of Ethereum-compatible blockchain networks. As the platform grows in popularity, the MATIC token has shown significant price growth.
Thanks to several projects actively being developed on the Polygon platform, a $100 investment in MATIC can benefit from the growing importance of the network within the blockchain ecosystem. Additionally, MATIC has the potential to rally in a bull run, as it has historically tended to be closely correlated with overall market trends.
As of last press time, MATIC was valued at $0.78 and weekly losses were around 2%.
