Let’s analyze the trends of the recent period for Solana (SOL), Chainlink (LINK) and EGLD, which is the cryptocurrency of MultiversX, once called Elrond.
Solana’s price trend: a comparison with Elrond and Solana projects
Although crypto markets are dominated by Bitcoin’s price movements at this particular time, there are cryptocurrencies that are following slightly different trends.
The price of SOL, which is Solana’s native cryptocurrency, has risen 7% in the past seven days, and 17% in the past thirty.
This is a much better performance than that of Bitcoin’s price, which stopped at +1.3% in the last week, and even -2% in the last month.
It is worth mentioning that for SOL this is only a recovery of the losses of the past months, as 2023 has been a troubled year.
It began below $10, but by mid-January had already risen above $24, peaking at $26 at the end of the month.
However, it had later fallen back below $15 in mid-June, mainly due to the SEC’s campaign against cryptocurrencies deemed unregistered securities.
After the New York judge’s ruling that XRP cannot be considered a security when traded on the secondary market, Solana’s price recovered, eventually hitting a new yearly high around mid-July at over $27.
So the current value of $24 is in line with what it was in mid-January, although it is significantly lower than the $14 in mid-June.
In other words in the last period it has completed the recovery of what it had lost since April, but especially in early June, with a cumulative annual performance so far of +143%.
Despite this it is still -90% from the highs.
Chainlink’s price trend
A slightly different discussion is that concerning LINK, or Chainlink‘s token.
Although it is not a real cryptocurrency but a token on Ethereum, it has still suffered from the SEC’s campaign against unregistered securities.
Indeed while it has recovered nearly 5% in the last seven days, and 24% in the last thirty, its current value is only 35% higher than it was at the beginning of the year.
2022 closed it at about $5.6, and by the second half of February it had risen to $8.
The 2023 annual high was recorded shortly after mid-April, at over $8.5, but thereafter LINK’s price fell sharply.
The annual low was recorded on 20 June, at $5.1, which is less than the 2022 low of $5.6.
The current price of $7.6 is not much higher than the 2022 low, so the recovery in the last period has not been particularly pronounced.
Despite this it is currently trading at -85% from the highs, so over the long term its loss in value appears to have been less than that of Solana.
Elrond’s price trend
A while ago, the EGLD cryptocurrency was renamed from Elrond to MultiversX.
It is worth mentioning that for now, this decision does not seem to have benefited its market value much.
Indeed, its market capitalization has fallen all the way below $800 million, which is less than for example Stacks, Axie Infinity or Algorand.
Moreover, in the last period it is not even recovering, as in the last seven days it has lost 2%, and in the last thirty 14%.
In other words, it seems that the bear-market for EGLD is not yet over, as for now during 2023 it has accumulated another 7% loss.
The year 2022 was a bad year for this cryptocurrency, with it plummeting from an all-time high of $542 in November 2021 to $33 in late 2022.
Since then it has fallen further, to the current $30.5.
The year 2023 seemed to have started well, with a rise to $3 in February, but later fell first below $40 in March and then in June even below $30.
So the current values are not the 2023 lows, but they are close, and they are still below the 2022 lows. However, they are still far above the all-time lows made in 2020.
MultiversX is not having a good time, and has been that way for practically more than a year and a half.
It remains to be seen whether its bear-market will come to an end, and more importantly how far the descent can go. Currently the price is at -94% from the highs, but it does not seem possible to rule out that it could do even worse.
Source: https://en.cryptonomist.ch/2023/08/10/solana-chainlink-elrond-some-rising-others-falling/