- CoinCodex highlights lesser-discussed altcoins like Chainlink (LINK), Stellar (XLM), and Polygon (POL) for the next leg of the crypto market rally.
- Altcoins like Chainlink (LINK), Stellar (XLM), and Polygon (POL) are gaining attention in the DeFi space due to their unique use cases in decentralized solutions, cross-border payments, and scalability.
Investors with a strong interest in decentralized cryptocurrency projects like XRP and Cardano may want to consider three lesser-discussed coins. These include Chainlink (LINK), Stellar (XLM), and Polygon (POL). These altcoins are gaining traction and offer intriguing use cases in the decentralized finance (DeFi) arena.
1. Chainlink (LINK)
Chainlink has been gaining attention for its innovative role in the blockchain ecosystem. According to CoinMarketCap (CMC), Chainlink is an “abstraction layer” that facilitates the creation of universally connected smart contracts.
What makes LINK similar to ADA altcoin is its focus on decentralized solutions. This specifically concerns the integration of real-world data into blockchain smart contracts. Per CoinCodex, Chainlink’s price shall increase by nearly 13% in the coming month.
“According to our current Chainlink price prediction, the price of Chainlink is predicted to rise by 12.94% and reach $13.45 by October 26, 2024,” CoinCodex stated. This forecast is based on several indicators, including a neutral Fear & Greed Index reading of 50.
Moreover, it also concerns the Chainlink price recording 16 out of 30 green days in the last month. With 5.04% price volatility over the past 30 days, the data suggests that Chainlink has the potential to continue gaining value in the short term. Per the CNF report, chainlink whale accumulation has also shot up in recent days.
2. Stellar (XLM)
Stellar is another cryptocurrency that XRP often overshadows despite having a similar use case. Like XRP, altcoin Stellar focuses on cross-border payments and remittances. The network has a long-term vision of facilitating fast, low-cost international transfers. Recently, the Stellar blockchain also implemented Hypernative for real-time threat protection, reported CNF.
XLM is currently priced at $0.09926, surging 2.54% in the past 24 hours. Stellar has seen a significant rise of 3161% since its inception. Moreover, it has gained market attention lately. According to CoinCodex prediction, “The price of Stellar is predicted to rise by 59.72% and reach $0.153255 by October 26, 2024.”
Stellar recorded 17 green days out of the last 30 and demonstrated price volatility of 2.57%. Given its similarities with XRP and its focus on cross-border payments, Stellar could be one of the more underrated tokens to watch.
3. Polygon (POL)
Polygon, known for its scalability solutions, is positioning itself as a key player in blockchain infrastructure. Similar to XRP and ADA altcoins, Polygon emphasizes efficiency and scalability in cross-border payments. Thus, it plays a strong role in the future of decentralized applications (dApps) as well as real-world asset tokenization, reported CNF.
While Polygon is a strong contender in the market, its short-term forecast is less optimistic than those of LINK and XLM. CoinCodex predicts a 12.86% increase in the POL price in the coming month, with a target of $0.449263 by October 26, 2024.
However, the current market sentiment for Polygon remains bearish. “Per our technical indicators, the current sentiment is bearish while the Fear & Greed Index is showing 50 (neutral),” CoinCodex noted. POL’s future trajectory remains uncertain with 14 out of 30 green days and 6.72% price volatility.
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