Market trends suggest that altcoins may be preparing for a rally that could be 200% or more above Bitcoin. Historical patterns, including the 2020 altcoin surge, suggest that late 2024 could be an ideal time for altcoin investing. With bullish indicators pointing to a possible double bottom and bullish divergences, the market could be setting the stage for another significant cycle.
Analyst Evan Aldo appeared on The Paul Barron Network and gave a detailed analysis of several altcoins that are about to hit new highs. The analysis is as follows:
Altcoin 1: Ethereum
According to the analyst, Ethereum has been performing strongly, even stronger than Bitcoin recently. The price has risen to around $2,500. He believes that ETH could rise further, perhaps to $5,800 or even $7,000, especially if interest rates fall and people turn to ETH staking.
It may face some resistance and volatility, possibly dropping to $2,000 before breaking out to new highs. This could be a good opportunity for long-term investors. Ethereum has been struggling against Bitcoin, but there are signs that it could make a comeback, just as it did in 2020 when it rallied 400% against Bitcoin.
Altcoin 2: Solana
An early version of the new validator client, Fire Dancer, has been launched on Solana’s mainnet. This is seen as a big positive for the network. Solana has surged 150% and many believe it could reach $200 in the future. The path will likely be slow, with consolidation or a small drop before further gains in 2024.
Altcoin 3: Jupiter
Jupiter exchange, which is integrated with Fantom wallet, has underperformed in the past six months. A bullish pattern has emerged and if it sustains above 70 cents, it could rally back to $2 by the end of this year or early next.
Altcoin 4: Rendering
Recently, the coin has shown signs of recovery after a correction and consolidation period. Render has been consolidating but showing signs of a potential breakout with a short-term target of $11 by the end of the year. In the best-case scenario, Render’s price could surge significantly, potentially reaching a 200% gain.
Altcoin 5: WIF
With recent accumulation, WIF is showing signs of a possible rebound. The chart shows a series of higher lows, indicating growing bullish momentum. While its meme token status makes it highly volatile, the coin has the potential to retest its previous highs, with some analysts even more optimistic, predicting gains of 5x to 10x.
Altcoin 6: Popcat
Popcat is another meme token that is making waves in the cryptocurrency market. With a blue ocean opportunity and a growing user base, some analysts believe that Popcat could reach a market cap of $2 billion, making it one of the legendary meme tokens.
