>>50304413>What makes something a chase card?Value. If something is cheap there's not really any need to "chase" it. If you're asking what gives it value, the answer is a few different factors with the most obvious being the popularity of the pokemon itself, followed by things like rarity, art quality, and competitive viability.
And is value only derived from rarity in this hobby?
Its heavily influenced, but not necesarily determined by it. There are rainbow cards, gold cards, and even alt art cards that are worth far less than some full arts that are far easier to pull. For example despite being far rarer the alt art Sandaconda V is worth less than the vanilla Mew V.