Bitcoin Halving Is Coming – Does This Mean Good News for Solana, LINK?

• LINK has shown signs that it does not want to repeat its 2020 trend.
• On-chain metrics have shown that SOL may continue to outperform LINK.

Many things have changed in the market since the last bull cycle, and one thing that perhaps no one has noticed is Chainlink [LINK] direction.

In the last 30 days, LINK's price has increased by 0.69%. Solana [SOL]On the other hand, it jumped by 66.23% during the same period. But it wasn't always this way especially when it comes to Bitcoin [BTC] The half was days away.

For example, Chainlink's price made a big jump ahead of the halving in May 2020, with LINK rising from $2.07 to $4.07. Three months later, the price doubled again.

Things are no longer as they seem

The current trend shown by the project revealed that such performance may not repeat itself. From AMBCrypto's investigation, this change may be due to the impact Solana has had over the past year.

Although LINK's value increased by 182% in the past year, it was nowhere near the 819% jump that SOL made over the same period.

Currently, the Bitcoin halving is expected to occur on April 19. If there is no significant change in price action over the next few days, LINK may not move the same way it did in 2020 and 2016.

When it comes to Feelings About both projects, we discovered that they are similar. At press time, the weighted sentiment around SOL was negative. Qin Link's feeling was almost indistinguishable from his counterpart's.

Source: Santiment

These negative readings indicate that traders expect the prices of both symbols to decline in the short term. Although Solana outperformed, on-chain data showed that market participants were as well Pay attention To Chainlink.

A period of relief may come after the decline

As of this writing, LINK's social dominance has risen to 1,263%. While Solana had a higher reading, the trend dropped to 3.175%.

However, high social dominance is not always a good sign for the price of a cryptocurrency. Likewise, a lower reading on the scale indicates a higher probability of an increase.

If the trend remains the same over the next couple of days, SOL may see a price increase. While LINK has the potential to do the same, it may not be as big as Solana expects.

Source: Santiment

However, the performance of both cryptocurrencies after the halving could be bullish. Historically, Bitcoin loses its dominance days or weeks after an event. This allows altcoins to provide their holders with more gains.

Realistic or not, here is LINK's market cap in terms of SOL

As things stand, volatility may be high after the event, and altcoin prices may fluctuate between high ranges.

But when things stabilize, circumstances may change. If this is the case, SOL and LINK could reach new yearly highs. Regardless of performance, Solana may have a higher market cap than Chainlink.