Amid the strong performance of Ethereum-based altcoins, the altcoin market is gearing up for a first-quarter hype cycle, analysts say.
One closely watched cryptocurrency strategist believes that the altcoin market will see a strong rally in the coming weeks.
The pseudonymous analyst Rekt Capital told his 394,800 followers on social media platform . Provider Chainlink (link).
With both SOL and LINK witnessing a rally over the past few days, Rekt Capital said the altcoin market may be gearing up to repeat last quarter’s strong performance.
“Both SOL and LINK started their first altcoin rallies a few months ago.
They were the best performers in the altcoin hype cycle in Q4 2023.
Both SOL and LINK are showing upward trends. We are seeing outstanding results again.
The market may be gearing up for a Q1 altcoin hype cycle.”
Source: Rekt Capital/X
Rekt Capital is not the only analyst who believes Chainlink will have a significant impact on the cryptocurrency market. Trader Inmortal told his 206,100 followers on social media platform
“The Marine Corps is doing it again. Do you know what happened the last time LINK was pumped? The entire cryptocurrency market followed suit.”
Source: Rekt Capital/X
Analyst Kevin Svenson echoes this sentiment.
“LINK started outperforming all other top cryptocurrencies this cycle.
(Friday) As usual, it was once again showing signs of leading the next rally.
Classic chain link.”
As of this writing, LINK is trading at $17.91, up more than 20% since the beginning of the year. Meanwhile, the value of SOL is $98.46, up more than 24% from the January low of $79.
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