While the current market crash had its triggers related to the decoupling of the UST stablecoin from Terra and the actions of the Fed in the face of rising inflation, Bitcoin (BTC), Ethereum (ETH) and most altcoins have taken a huge hit. in reply. While BTC fell 5.91% to $21,238 last week, ETH dropped 4.95% to $1,160.
While the losses are likely global, there are altcoins that have maintained relative gains over the past week as the downturn intensifies. This article covers these tokens, including STEPN (GMT), Synthetic (SNX), Solana (SOL), Chainlink (LINK), and Choise.com (CHO).
The selection of each of these tokens is based on performance and they represent different aspects of the blockchain economy, including non-fungible tokens (NFTs), Oracle, Decentralized Finance (DeFI) and Centralized Decentralized Finance (CeDeFi).
This analysis highlights the trends presented over the last week, as well as the main factors driving the growth of each of these coins/tokens.
Basics of how these tokens work
MetaFi Choise.com Token (CHO)
At the time of writing, the MetaFi CHO token from the Choise.com project is up 148% in the last 24 hours and over 180% in the last 7 days. Choise.com is a MetaFi platform that combines CeFi and DeFi services.
The Choise.com protocol promises to make DeFi offerings easier and more accessible to retail and institutional investors. CHO is showing enough potential to make it a valuable asset and further adoption could see it take another step above ATH at $1.24.
STEPN Lifestyle Web3 Application (GMT)
STEPN is a self-proclaimed “web3 app for life” with GameFi elements on the Solana blockchain. As a fitness platform, it works on the Move-to-Earn principle, which is combined with Play-2-Earn elements, as it claims that a healthy lifestyle is gamified.
It is currently changing hands at $0.7426 and is up 29.43% last week (here and below the June 21 price). With the observed resilience, GMT is sure to capitalize on its rising popularity to chart more ambitious growth in the near future.
DeFi Protocol Synthetix (SNX)
Synthetix is a decentralized finance protocol that provides access to a wide range of crypto and non-crypto assets on the network. The protocol allows users to access a wide range of assets without directly owning them.
At the time of writing, SNX is up 8.02% over the past 24 hours and is trading at $3.36. It was one of the biggest gains last week, climbing 69.82% to close the gap to its 90-day high at $8.11. If Synthetix continues this bullish momentum, its price could reach $6 in the next couple of weeks.
Solana Protocol Layer 1 (SOL)
Solana supports many DeFi, NFT and Metaverse protocols as it is considered one of the working blockchain networks looking to supplant Ethereum.
With a growing ecosystem, the demand for SOL tokens continues to grow, which has helped the protocol maintain its position against forces seeking to undermine it. Solana rose 27.35% last week.
Oracle Chainlink Protocol (LINK)
Chainlink is the first oracle protocol in the digital currency ecosystem that links blockchain protocols to each other in search of data that may be needed to develop and operate a DApp.
Priced at $6.68, LINK is far from ATH at $52.88, but easily among the top performers of the week, up 18.67% at the time of writing. The target price of the token is $12 until the end of the third quarter.
Key points to remember
Although there are over 15,000 coins and tokens registered on CoinMarketCap, there are a few coins worth holding during this crypto winter. Investors looking for coins can start their research with these profiled coins, taking into account their resistance during market downtime.