The editors of BeInCrypto have compiled a list of promising altcoins that can bring investors good profits in August.
The successful selection of assets for promising investments is becoming increasingly difficult in an unstable crypto market. The BeInCrypto editors will help make this process easier: we have selected the top 5 altcoins that are worth paying attention to this month.
Flow (FLOW)
On August 14, Flow will introduce the Crescendo update, the main goal of which is to increase the scalability and decentralization of the network. This will likely increase demand and optimism around the price of FLOW.
At the time of writing, the altcoin is trading at $0.65. Breaking the resistance at $0.81 and $0.96 could push it above $1.00.
However, a failure to break through this could result in consolidation below $0.96, as was the case from mid-April to mid-June.
Conflux (CFX)
The hard fork, scheduled for August 6, will bring many changes to the Conflux network, including a possible increase in Proof of Stake (PoS) lock/unlock/withdrawal periods.
CFX price may experience some volatility during this time, potentially helping the altcoin break out of the consolidation in the $0.17 and $0.14 range and recover losses incurred in June.
However, if volatility favors the bears, CFX risks losing the $0.14 support level and falling below $0.10.
Solana (SUN)
Solana became an institutional investor favorite in July. If the interest of large holders in the altcoin continues this month, SOL could grow by 30% and reach $245.
However, if the current correction drags on, the bullish scenario will fade away and the Solana price will test the $150 mark.
Starknet (STRK)
Starknet is preparing for its next update, scheduled for the end of August. As a result of the upgrade, the network throughput in transactions per second will increase to 250.
This may have a positive effect on the price of STRK, which recently set a historical low. The altcoin is currently trading at $0.456, having recovered slightly after falling to $0.424.
The rebound could send STRK towards resistance at $0.619. If the altcoin manages to overcome this level and consolidate above it, its price could rise to $1,043.
Axie Infinity (AXS)
Axie Infinity recently completed open beta testing for Homeland Avatar Mode Open Beta. This is a significant improvement for the network and may be reflected in the price of AXS.
Currently, the altcoin may be facing a potential decline due to the formation of a head and shoulders pattern. Although AXS has not yet reached its low point, it has not refuted the pattern either.
If the altcoin rebounds from $5.35, its price could rise to $7 or higher. However, a fall below it will lower the rate to $4.07.
