Altcoins
Top 3 Altcoins to watch this week: Solana, FTM and LINK
The majority of market analysts have focused on Bitcoin over the past week on the one-time BTC ETF disclosure trend, however, tokens like Solana (SOL), Fantom (FTM), and Chainlink (LINK) have stood out. This article explores the current price outlook and why these altcoins are worth placing on watchlists in the coming week.
Solana stabilization paves the way for growth
For most of this year, Solana has struggled with network congestion that has harmed its projects and community. However, with the Solana Foundation and its ecosystem developers launch a patch on the mainnet, the protocol remained relatively stable. This created an advantage that kept the coin in the top 5 most capitalized cryptocurrencies.
Solana 7D graphic. Source: CoinMarketCap
While Solana is changing hands for $169.5 at the time of writing with a 1.83% decline, it has outperformed Bitcoin and Ethereum (ETH) for the week. During this period, it climbed 17.32%, compared to 7.98% for Bitcoin and 5.24% for Ethereum, respectively.
If Solana can maintain its resilience, with projects resuming next week, it could see resounding growth.
Fantom Upgrades 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 changing hands for $0.8564, down 4.19% in 24 hours. Its growth over the past week, however, is estimated at 20.55% to date.
Fantom 7D graphics. Source: CoinMarketCap
Recently, Fantom revealed new details about its Sonic Network migration. Sonic Network is Fantom’s answer to many of the scalability challenges that protocols like Solana typically struggle with. With the focus on Fantom in the coming days, its price may finally retest the $1 resistance level.
Chainlink utility to start paying off
Besides Solana and Fantom, Chainlink also occupies an important aspect of the ecosystem. As a decentralized oracle service provider, Chainlink advances interoperability in a way that no protocol has been able to match.
Chainlink 7D chart. Source: CoinMarketCap
Chainlink’s attraction lies in its ecosystem-wide collaboration. Chainlink’s partnerships in the Web3 world include a mix of Layer 1 and Layer 2 networks, respectively. Currently trading at $16.63, up 22.97%, Chainlink ranks among the biggest gainers in the top 100 .
Maintaining its relevance in the market, its price may witness further growth in the coming days.
Learn more: Crypto Market Analysis 19/5: Altcoin Recovery Stagnates as BTC Stabilizes at $67,000