The cryptocurrency market is abuzz with anticipation as spot exchange-traded funds (ETFs) for leading cryptocurrencies Bitcoin and Ethereum are being considered for approval. This development has injected renewed optimism into the market, hinting at a potential resurgence of the bull run. In this article, we will explore three notable cryptocurrencies that have caught the attention of investors as the top ones to watch this week: Solana (SOL), Polygon (MATIC), and Chainlink (LINK). These cryptocurrencies present compelling arguments for extended recovery if the prevailing bullish market sentiment persists.
Solana (SOL): A Standout Performer
Discover why Solana (SOL) has emerged as a standout performer in the cryptocurrency market.
Solana (SOL) has been making waves in the cryptocurrency market with its impressive performance. In the week ending on November 12, SOL recorded a notable gain of 36.7%, with a significant surge of 25.2% on November 10 alone. This upswing can be attributed to the increased attention on projects being developed on the Solana network.
Despite not reaching its all-time high (ATH) of $267.52 in November 2021, SOL is poised for sustained upward movement. It has already experienced a 79.8% surge in October and continues to gain momentum with a 51.9% increase in November. The continuous introduction of new projects on the Solana blockchain is expected to further drive its recovery.
Polygon (MATIC): Surging Transaction Volume
Explore the surge in transaction volume and growing market cap of Polygon (MATIC).
Polygon (MATIC) has been making significant strides in the cryptocurrency space, particularly in terms of transaction volume. Over the past 30 days, MATIC has registered an astounding 3,800% surge in transaction volume, surpassing $100,000. This surge can be attributed to heightened demand from institutional investors and whales within the crypto sector.
As a result of this increased interest, MATIC's price has surpassed $0.80 for the first time since July. The market cap of Polygon has also seen a 62% surge over the last month. Additionally, wallets holding 100,000 to 10 million MATIC have been accumulating the cryptocurrency, indicating a positive outlook for its future.
Chainlink (LINK): Remarkable Surge and Institutional Interest
Learn about the remarkable surge in price and growing institutional interest in Chainlink (LINK).
Chainlink (LINK) has witnessed a remarkable surge in price over the past three weeks, more than doubling its value. Currently trading at $13.13, up from $6.14, this rally is partly attributed to the broader recovery in the crypto market. Notably, Grayscale's Chainlink Trust (GLINK) has experienced a 200% premium compared to the spot LINK markets, indicating heightened interest from institutional investors.
The future outlook for Chainlink is positive, supported by the growing total value locked in GLINK, which recently doubled to around $4 million. This growing institutional interest and the overall recovery of the crypto market contribute to the optimism surrounding Chainlink's potential for further growth.
