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As investors shifted focus to the altcoin markets last week, Solana and 3 other mega-cap tokens emerged as the highest gainers in the top 50 crypto rankings. In effect, BTC price has stagnated around $30,000, BTC Dominance down\u00a0<\/span><\/p>\n<\/div>\n<\/div>\n Last week, Bitcoin grabbed most of the headlines across crypto media channels. But with BTC price<\/a> now stagnating around the $30,000 mark, on-chain indicators suggest that the 3 altcoins could take center stage next week.<\/span><\/p>\n On Friday October 20, Solana price hit $30.4, its highest since the ill-fate FTX exchange imploded back in November 2022. Interestingly, an on-chain event surrounding the ongoing trial of Sam-Bankman Fried<\/a>, the CEO and Founder\u00a0 of the defunct exchange was the precursor for the Solana price rally this week.\u00a0<\/span><\/p>\n A Sept 11 court filing showed that FTX held $1.2 worth of SOL token on its books. This raised fears among many Solana investors<\/a> that SOL prices could tank in the process of an imminent liquidation to repay creditors and customers.<\/span><\/p>\n But on October 14, FTX estate administrator was <\/span>spotted <\/a>taking 5.5 million SOL worth approximately $122 million. <\/span>That transaction shored up confidence across the Solana ecosystem.\u00a0<\/span><\/p>\n This graph above shows that following the significant spike in staked Solana on October 14, other investors took the baton. By October 16, total Solana staked reached a 90-day peak of 404.4 million SOL.\u00a0<\/span><\/p>\n The resulting drop in market supply and bullish sentiment in the broader crypto market instantly sent SOL into 35% price rally to the $30.4 by the end of the week.<\/span><\/p>\n Notably, since Solana his the $30 mark, some investors have started unstaking their SOL coins, presumably to book profits. <\/span><\/p>\n In fact, since Solana claimed $30 on Friday, holders have been unstaking for two days straight. Hence, SOL price could lose the $25 psychological support next week if the staking traction does not improve.\u00a0<\/span><\/p>\n Chainlink (LINK) is another mega-cap altcoin that delivered major profits for crypto investors last week. Price charts showed that LINK price bounced 30% from $7.2 to $10.11 over the past week. And notably this is the first time Chainlink has reclaimed the $10 milestone since the TerraUST crash back in May 2022.\u00a0<\/span><\/p>\n On-chain data shows that the bullish trading activity of crypto whale investors is the major Driving factor behind the ongoing Chainlink price rally.\u00a0<\/span><\/p>\n \u00a0<\/p>\n As depicted in the IntoTheBlock<\/em> chart above, the Chainlink<\/a> network recorded 246 Whale Transactions on October 21. Whale Transaction count metric presents the total number of individual transactions that exceed $100,000 in value during a given trading period.\u00a0<\/span><\/p>\n Notably, the 246 transactions recorded on Saturday is highest level of whale demand for the LINK token since July 21 2023. And curiously, LINK price spiked 23% at the time.\u00a0<\/span><\/p>\n With the positive sentiment swirling around the crypto market, Chainlink bulls can push for another wave of double-digit gains this week, especially if the whales keep buying. If history repeats itself, Chainlink investors could double their profits in the coming week.\u00a0<\/span><\/p>\n BitcoinSV<\/a> (BSV) was launched in 2018 as a more scalable hard fork of the Bitcoin Cash (BCH<\/a>) blockchain. Last week, Bitrue, a widely-used centralized crypto exchange platform, announced<\/a> the inclusion of BSV\/USDT pair in Spot market offerings.\u00a0<\/span><\/p>\n At the time on the announcement on October 19, BitcoinSV is trading at a two-month price peak of $40. Within 48 hours of the listing, BSV investors piled on buying pressure and sent the price soaring to $53 as of October 22.\u00a0<\/span><\/p>\n As depicted in the chart below, BSV daily Trading Volume shot up to a 90-day peak of $432 million on October 20.<\/span><\/p>\n The Bitrue exchange<\/em> is notably favored by the Ripple (XRP<\/a>) communities. Hence, the SEC case dismissal last weeek appeared to have played a roled in the BSV trading activity as well.\u00a0<\/span><\/p>\n Typically, high transaction volumes often impacts prices positively. And despite the noticeable decline from the October 20 peaks, BSV trading volume is still currently at a relatively high level as of October 22.\u00a0<\/span><\/p>\n Hence, with increased market liquidity, strategic bulls can anticipate further BSV price gains in the week ahead.<\/span><\/p>\n<\/div>\n<\/div>\nThese Top Performing Altcoins Could Double Investors\u2019 Profits\u00a0<\/span><\/h2>\n
Solana Hits New 2023 Peak after FTX Staked SOL Tokens Worth $122 Million<\/span><\/h2>\n
Chainlink (LINK) Price Rally Enters New Gear as Whales Increase Demand<\/span><\/h2>\n
Bitcoin SV Led the Mega-Cap Crypto Markets with 60% Gains<\/span><\/h2>\n