Despite Bitcoin hitting new all-time highs a few months ago, there has been minimal rotation into altcoins. This means that many altcoins have not performed well relative to Bitcoin, leading some to question if altcoin season will ever happen. Now that Bitcoin is once again heading towards an important level of $70k, it is important to analyze. On The Paul Barron Network, analyst Tim Warren, Host of Investing Broz, gave a breakdown of several altcoins, explaining their future trends.
Polygon:
Polygon (MATIC), despite recent price struggles, is experiencing significant growth in its fundamental aspects. The rise in wallet usage and mobile app engagement, as well as ongoing development and strategic partnerships, are bolstering the platform’s potential.
Technical Analysis: Polygon’s recent price action reflects a downtrend, with the asset falling below levels seen in September. It is currently going through a falling wedge pattern. Historically, this pattern has led to bullish outcomes after periods of consolidation.
The expectation is for Polygon to move back up to approximately $1 by mid-September if the current technical setup plays out as anticipated.
Aerodrome:
Aerodrome (AR) has gained considerable attention recently as a liquidity coin for Base, the blockchain associated with Coinbase. This connection positions Aerodrome as a crucial player in the growing Base ecosystem.
Technical Analysis: Aerodrome has recently seen a notable price increase, doubling in value over the last two weeks. This rally reflects strong market interest and confidence in the project’s future. The analysis suggests that Aerodrome could reach around $3 by the end of 2024.
XRP:
XRP is experiencing an increase in both new and total addresses interacting with its network. This suggests growing interest and usage, which can be a positive indicator for future price movements.
Technical Analysis: XRP is nearing a critical point in a long-term symmetrical triangle pattern. Historical patterns suggest that such breakouts can lead to significant price rallies. Currently, XRP is in a falling channel and may break above $1, potentially reaching up to $1.30. This target aligns with historical highs from November 2021.
XRP saw a dramatic price increase last year when news of the lawsuit resolution hit. While this was a one-time event, similar positive news could trigger short-term price spikes.
Solana:
Solana continues to improve its network with various upgrades and optimizations. These include enhancements to scalability, security, and overall performance.
Technical Analysis: Solana is encountering resistance around $173. This level is crucial as it has historically been a barrier to further price increases. Despite the current resistance, Solana has been maintaining strong support levels, particularly since early July. These support levels have been crucial in sustaining the price.
Solana could see a price increase to around $300 by late August to early September. This projection is based on recent price patterns and technical indicators.
Also Check Out: What’s Next For The Top 5 Cryptocurrencies As Bullish Sentiments Intensifies?
