Over the past few weeks, the cryptocurrency market has been experiencing some fluctuations, with Solana (SOL), Chainlink (LINK), and Bitcoin (BTC) being among the top cryptocurrencies affected. Solana, in particular, has garnered attention as it rose to $30 before experiencing a 20% decline. Despite this setback, one analyst called Inmortal is optimistic about the future of Solana and other cryptocurrencies.
Inmortal believes that Solana’s status as a strong competitor to Ethereum (ETH) will contribute to its future success. He predicts that by 2025, Solana will see a remarkable rally, with its value potentially increasing by more than 10 times. One reason for this positive outlook is Solana’s impressive track record of 100% uptime and no reported outages in the last quarter, which adds credibility to the prediction. However, Inmortal also warns of potential short-term dips below the $20 mark, highlighting the volatility of the crypto market.
Chainlink (LINK), a decentralized oracle network, is another cryptocurrency that Inmortal is monitoring closely. After more than a year of accumulation, he expects LINK to experience a significant upward movement. Inmortal believes that LINK is currently undervalued and predicts a potential rally close to $20 in the future. At the time of his prediction, LINK is trading at $7.59.
When it comes to Bitcoin (BTC), Inmortal forecasts that it will likely revisit its all-time high (ATH) of around $69,000 during the second half of 2024. He bases this prediction on Bitcoin’s previous market cycles and the time elapsed since its last bottom. Inmortal suggests that the mid-cycle rally should be over by the time of his prediction, leaving approximately 467 days to reach previous ATH levels. In the short term, he believes that Bitcoin will rally due to a short squeeze, where traders who bet on a price decrease are forced to buy back their borrowed assets, further increasing prices. Inmortal sets his sights on $30,400 as a potential target for this short squeeze. At the time of his prediction, BTC is valued at $29,117.
It is essential to note that investing in cryptocurrencies involves risks and volatility. While Inmortal’s projections provide an interesting perspective on the future of these cryptocurrencies, investors should exercise caution and conduct thorough research before making any investment decisions. The crypto market can be unpredictable, and it is crucial to consider multiple factors and expert opinions before entering the market.