As Bitcoin (BTC) continues its remarkable rise, surpassing the $85,000 mark and setting a new record high, market experts predict that capital will shift towards several major altcoins that have yet to retest their previous peaks.
The price surge of the leading cryptocurrency after the election
Market expert Jesse Olson recently shared his altcoin watchlist on the social media platform X (formerly Twitter), highlighting four cryptocurrencies, including Solana (SOL), as key factors that could drive significant growth in the future.
Currently trading at around $218, SOL has significantly increased by 36% over the past week, outperforming many of the top ten cryptocurrencies. Notably, Solana is only 15% below its all-time high of $259, achieved in November 2021.
The recent price surge has led to trading volume increasing nearly 50% over the weekend, allowing SOL to surpass Binance Coin (BNB) and secure the fourth position by market capitalization among cryptocurrencies. Key resistance levels for Solana are set at $222 and $230, which could pose challenges for the next upward move.
Another altcoin on Olson's list is Ethereum (ETH). Although it has underperformed compared to SOL and BTC in the weekly timeframe, ETH is approaching a crucial breakout point.
Currently trading at around $3,300, Ethereum is only 33% below its record high of $4,878 achieved in November 2021. A recent spike of 1.7% in the past 24 hours indicates potential momentum as it seeks to break through the four-month resistance level at $3,320.
Chainlink struggles to break resistance as Cardano shines
Chainlink (LINK) has shown a slightly different movement. Although it has seen a slight decrease of 1% in the past 24 hours, LINK has surged by 43% over the week, with a trading price of $14.70 as of Monday.
Despite this week's positive performance, LINK is still down 72% from its all-time high of $52.70 recorded in May 2021. The nearest resistance level for this token is $14.80, a level it has not broken since July.
Finally, Cardano (ADA) has emerged as a standout performer, with an impressive growth of 84% over the weekly timeframe and an 80% increase over the past two weeks.
Currently priced at $0.5959, ADA is still significantly lower than its all-time high of $3.09 reached in March 2020, down about 81%. The nearest resistance level for ADA is at $0.6115, and if it surpasses this level, it could pave the way for a return to the yearly peak of $0.81.
Despite the challenges these altcoins face in the near term, Olson and other analysts maintain a positive outlook for the remainder of the year.
Donald Trump's recent victory in the presidential election is expected to boost cryptocurrency adoption at the institutional level and increase capital flow into the market.
This political change could create a favorable environment for the continued price surge of leading cryptocurrency assets in the ecosystem, including Bitcoin and the altcoins highlighted by Olson.
