Rekt Capital, a respected crypto strategist, predicts a robust surge in altcoin markets in the upcoming weeks.
The altcoin hype cycle in Q4 of 2023 was primarily fueled by the impressive price actions of Solana (SOL) and the Ethereum (ETH)-based oracle provider Chainlink (LINK).
Recent rallies in both SOL and LINK are signalling the potential for a repetition of the strong performance witnessed in the last quarter.
Rekt Capital’s analysis suggests that the market might be gearing up for a Q1 altcoin hype cycle.
Rekt Capital, a pseudonymous analyst, shares valuable insights with a significant following of 394,800 on the social media platform X.
SOL and LINK were the catalysts that initiated the first wave of altcoin rallies in the Q4 2023 cycle.
During the Q4 altcoin hype cycle of 2023, SOL and LINK emerged as the top performers.
Currently, both SOL and LINK are experiencing notable rallies, once again outperforming their counterparts.
Rekt Capital suggests that this resurgence may indicate the onset of a Q1 altcoin hype cycle.
Trader Inmortal, with a following of 206,100 on X, echoes the sentiment that Chainlink has a profound impact on crypto markets.
Notably, rallies in Q4 2023 coincided with Chainlink breaking out of its multi-month accumulation range.
Inmortal emphasizes the historical pattern where the entire crypto market tends to follow Chainlink’s lead.
Analyst Kevin Svenson shares a similar perspective, supporting the idea of Chainlink’s influential role.
Chainlink initiated its upward trajectory before other top cryptocurrencies in the current cycle.
Svenson, observing market dynamics, notes signs indicating Chainlink leading the next market run-up.
He terms this phenomenon as a “Classic Chainlink” pattern.
As of the latest update, LINK is trading at $17.91, marking a remarkable 20% increase since the beginning of the year.
SOL’s current value stands at $98.46, showcasing an impressive 24% rise from its January low of $79.
Both LINK and SOL continue to outperform, contributing significantly to the overall positive sentiment in the market.
Detailed Examination of Rekt Capital’s Observations:
SOL and LINK played pivotal roles in driving the altcoin hype cycle during Q4 2023.
Their strong performances set the tone for the entire market, establishing them as frontrunners.
Recent rallies in SOL and LINK indicate a potential repeat of the robust performance witnessed in the last quarter.
Rekt Capital suggests that this resurgence may herald the beginning of a new altcoin hype cycle in Q1.
Trader Inmortal and Kevin Svenson agree on the historical influence of Chainlink on the crypto market.
In Q4 2023, Chainlink breaking out of its accumulation range was followed by notable rallies across the entire crypto space.
Svenson observes signs indicating that Chainlink is once again leading the next market run-up.
The historical precedent of Chainlink setting the pace for the broader market is emphasized.
The price of LINK at $17.91 and SOL at $98.46 showcases continued positive momentum.
Both assets have demonstrated resilience and sustained growth, contributing to the prevailing optimism in the market.