As Bitcoin (BTC) continues its rally, breaking the $90,000 mark and reaching new all-time highs, market experts predict capital will flow into some major altcoin projects that have yet to test their previous highs.
Will leading altcoin projects win after the election?
Market expert Jesse Olson shared his altcoin watchlist on social media platform X (formerly Twitter) that includes four cryptocurrencies expected to make big gains in the future, and named Solana (SOL) as one of the standouts. Currently trading at around $218, SOL has outperformed most of the top ten cryptocurrencies, with a 36% increase in value over the past week. Remarkably, Solana is only 15% below its all-time high of $259, which it reached in November 2021.
This latest surge led to a near 50% increase in trading volume over the weekend, moving SOL past Binance Coin (BNB) into fourth place in terms of market value among cryptocurrencies. The critical resistance levels for Solana are set at $222 and $230, which could pose a challenge for an upward move. Another altcoin on Olson’s list is Ethereum (ETH). Despite its weak performance compared to SOL and BTC on the weekly timeframe, ETH is approaching a critical inflection point. Trading at around $3,300, Ethereum is only 33% below its record high of $4,878 reached in November 2021. The 1.7% increase in the last 24 hours indicates the potential to break the four-month resistance level at $3,320.
What other coins did the analyst note?
Chainlink (LINK) exhibited slightly different dynamics. Despite a slight 1% drop in the last 24 hours, it has shown an impressive 43% weekly gain, trading at $14.70 as of Monday. Despite this positive weekly performance, LINK is still 72% below its all-time high of $52.70 recorded in May 2021. The token’s nearest resistance level is at $14.80, which it has not been able to break since July. Finally, Cardano (ADA) has shown an impressive 84% weekly gain and has gained 80% in the last two weeks.
On the other hand, the analyst also draws attention to cryptocurrencies such as MANA and ALGO. Despite the challenges these altcoins may face in the near term, Olson and other analysts maintain a positive outlook for the rest of the year. Donald Trump’s victory in the presidential election is expected to increase institutional investors’ interest in the cryptocurrency market and support capital inflows into the market. Some say this political shift could create a favorable environment for continued appreciation in the ecosystem’s leading crypto assets, Bitcoin and the altcoins on Olson’s watchlist.
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