Top analysts see the current altcoin market trend as possibly preparing for a bull run, possibly even outperforming Bitcoin.
Based on the historical pattern of the 2020 altcoin bull run, it indicates that late 2024 could be the ideal time to invest in altcoins. With bullish indicators showing a potential double bottom formation and bullish divergence, the altcoin market is poised for a Bull Run.
In this context, analyst Evan Aldo appeared on The Paul Barron Network and gave a detailed analysis of some of the altcoins with the strongest growth potential in the upcoming Altcoin Bull Run.
Detailed analysis information
1. Ethereum (ETH):
According to the analyst, Ethereum is looking strong, even stronger than Bitcoin, of late. The price of the largest altcoin has risen to around $2,500, but he believes ETH can go even higher, potentially reaching $5,800 or even $7,000.
His analysis is based on the fact that the Fed's rate cut could prompt people to move to ETH staking. However, he advises investors to keep a close eye on the token as it could potentially face resistance and fall to $2,000 before the upcoming rally.
This could be the best time for long-term investors, he stressed, noting that Ethereum's subsequent rally is likely to mirror Bitcoin's 400% gain in 2020.
2. Solana (SUN)
The first version of Fire Dancer, a new validator, has been launched on Solanaâs mainnet. This is seen as a huge positive for the network, being a major factor in the price of SOL which has skyrocketed by 150% and many believe it could reach $200 in the future.
He believes that this path could be slow and the asset is likely to move sideways or decline slightly before experiencing an explosive rally in the upcoming Bull Run.
3. Jupiter (JUP)
Jupiter exchange, which is integrated with Fantom wallet, has underperformed over the past six months. However, the analyst sees a bullish pattern emerging and if the asset price holds above $0.70, it could return to $2 by the end of the year or early next year.
4. Render
The token has recently shown signs of recovery after a period of correction and consolidation. Evan Aldo believes that Render is poised for a potential breakout, with a short-term target of $11 by the end of the year.
More notably, he said that Render could see significant price appreciation, potentially reaching a 200% gain if market conditions remain good next year.
5. Dogwifhat (WIF) and Popcat
These two tokens have been making waves in the crypto market recently. With the recent accumulation, both WIF and Popcat are showing signs of a potential bull run.
Although the memecoin market has been experiencing a lot of volatility, analysts remain optimistic and predict a strong price increase in the near future.
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