August is here and the cryptocurrency market is sending mixed signals, prompting investors to be careful with their portfolio choices. While many altcoins showed significant growth in July, some suffered major losses. Crypto analyst Aaryamann Shrivastava highlights five altcoins that could offer potential investment opportunities this month.
Flow (FLOW): Crescendo Network Upgrade on the Way$FLOW
Flow is preparing to launch the Crescendo Network Upgrade on Testnet on August 14th. The main goal of this upgrade is to increase the scalability and decentralization of the network. Currently trading at $0.65, FLOW may see increased demand and price rise following the upgrade. Breaking through the resistance levels at $0.81 and $0.96 could push FLOW past $1.00. Otherwise, if it fails, it could consolidate below $0.96, reminiscent of the period between mid-April and mid-June.
Conflux (CFX): Upcoming Hard Fork and Possible Impacts$CFX
Conflux is preparing for a major hard fork on August 6. This hard fork will bring a number of Proof of Stake (PoS) improvements with the aim of improving the performance, security and overall functionality of the network. Depending on market reaction, this period could help CFX break out of the consolidation range between $0.17 and $0.14 and allow it to recover from losses experienced earlier in the year. However, if volatility favors the bears, CFX could continue its consolidation or even decline below the $0.14 support level and break below $0.10.
Solana (SOL): Focus of Interest of Institutional Investors
Solana stood out as the most preferred cryptocurrency after Ethereum among institutional investors in July. As of July 26, SOL has raised $27.6 million, surpassing other notable altcoins such as Litecoin, XRP, and Chainlink. This institutional support could help SOL reach its double-bottom formation target and rally to $245 with a 31% rally. However, if the current downtrend continues, this bullish scenario may become invalid and SOL could decline to $150 or lower.
Starknet (STRK): Preparing for the Major Upgrade$STRK
Starknet is preparing for a major upgrade expected to happen at the end of August. This upgrade will introduce Parallel Processing to the network. This improvement is expected to increase the network's transactions per second (TPS) to 250 and could help STRK recover from its all-time low earlier this month. Currently trading at $0.456 with a slight recovery from $0.424, STRK could break the $0.619 resistance level and beyond with a successful rise, potentially reaching $1.043.
Axie Infinity (AXS): Homeland Avatar Mode Beta Launch Expected
Axie Infinity recently completed open beta testing of the Homeland Avatar Mod, and this mod is expected to be re-released at the end of August. This significant upgrade could impact the price of AXS, which is struggling with a head and shoulders formation. While a reversal from $5.35 is possible, a decline below this level could push AXS to $4.07 or lower. On the other hand, a rally could invalidate this bearish formation and push AXS above $7.00.
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