{"id":86091,"date":"2023-10-23T14:28:20","date_gmt":"2023-10-23T11:28:20","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=86091"},"modified":"2025-09-13T03:19:51","modified_gmt":"2025-09-13T00:19:51","slug":"altcoin-favourites-what-explains-the-sol-and-link-rally","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/altcoin-favourites-what-explains-the-sol-and-link-rally\/","title":{"rendered":"Altcoin favourites. What explains the SOL and LINK rally?"},"content":{"rendered":"

As a rule, together with the rise of Bitcoin<\/a> the rest of the market follows with a small lag. However two altcoins \u2014 Solana<\/a> (SOL) and Chainlink (LINK) \u2014 even managed to outpace the leading cryptocurrency over the week.<\/p>\n

SOL Rally<\/strong><\/h2>\n

Over the past seven days the Solana<\/a> token jumped 30.7%, according to CoinGecko<\/a>. At the time of writing the asset trades at $29.42 with a market capitalisation of $12.4 billion.<\/p>\n

\"Altcoin
15-minute SOL\/USDT chart on Binance. Data: TradingView<\/a>.<\/figcaption><\/figure>\n

SOL nearly reached November 2022 levels. The asset stood around $36, but after the FTX collapse<\/a> it slumped sharply.<\/p>\n

In recent months the crypto community had feared a crash of the token amid possible liquidations of the bankrupt platform. In September a court allowed<\/a> FTX and Alameda to begin selling digital assets worth $3.4 billion. The tranche included $1.16 billion in SOL \u2014 the exchange was the largest holder of the token.<\/p>\n

Against the backdrop of the sell-off, analysts at Matrixport Technologies forecast a drop to $10-15.<\/p>\n

\u201cFUD<\/span> around Alameda’s sale proved less severe than expected,\u201d said Lukas Outumuro, head of research at IntoTheBlock, in an interview with CoinDesk<\/a>.<\/p>\n

According to on-chain data, on 14 October FTX blocked around 5.5 million SOL in staking<\/a> worth $122 million, softening trader sentiment.<\/p>\n

The analyst also noted SOL’s breakthrough in the ETH pair, which could have contributed to the rally.<\/p>\n

\"Altcoin
Weekly SOL\/ETH chart on Binance. Data: TradingView<\/a>.<\/figcaption><\/figure>\n

Solana-focused funds posted inflows of $15.5 million versus $3.4 million a week earlier, according to CoinShares<\/a>.<\/p>\n

Head of research James Butterfill said this was the largest volume since March 2022, as SOL has <\/p>\n","protected":false},"excerpt":{"rendered":"

As a rule, together with the rise of Bitcoin the rest of the market follows with a small lag. However two altcoins \u2014 Solana (SOL) and Chainlink (LINK) \u2014 managed to outpace the leading cryptocurrency over the past week.<\/p>\n","protected":false},"author":1,"featured_media":86092,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1388,1145,1150,1159],"class_list":["post-86091","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-chainlink-link","tag-market-analysis","tag-news-plus","tag-solana-sol"],"aioseo_notices":[],"amp_enabled":true,"views":"18","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/86091","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=86091"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/86091\/revisions"}],"predecessor-version":[{"id":86093,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/86091\/revisions\/86093"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/86092"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=86091"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=86091"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=86091"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}