As Bitcoin (BTC) continues to rise significantly, breaking the $85,000 mark and setting new all-time highs, market experts predict that capital will shift toward several major altcoins that have yet to retest their previous peaks.
Prices of major cryptocurrencies rose after the election.
Market expert Jesse Olson recently shared his altcoin watchlist on social media platform X (formerly known as Twitter), emphasizing that four cryptocurrencies, including Solana (SOL), are key players that could bring significant returns in the future.
SOL's current trading price is around $218, having surged 36% in the past week, outperforming many of the top ten cryptocurrencies. Notably, Solana is only 15% lower than its all-time high of $259 set in November 2021.
The recent surge led to a nearly 50% increase in trading volume over the weekend, allowing SOL to surpass Binance Coin (BNB) and secure the fourth position in terms of cryptocurrency market capitalization. Solana's key resistance levels are set at $222 and $230, which could pose challenges for further upward movement.
Another altcoin on Olson's list is Ethereum (ETH). Although it has not performed as well as SOL and BTC on the weekly chart, ETH is approaching a key breakout point.
Ethereum's current trading price is around $3,300, only 33% lower than its all-time high of $4,878 set in November 2021. A 1.7% spike in the past 24 hours indicates that Ethereum has potential momentum, aiming to break the resistance level of $3,320, which has stood for four months.
Cardano shines, while Chainlink struggles to break resistance.
Chainlink (LINK) performed somewhat differently. Although LINK's price dropped slightly by 1% in the past 24 hours, it saw a significant increase of 43% this week, with a trading price of $14.70 as of Monday.
Despite a positive weekly performance, LINK is still 72% lower than its all-time high of $52.70 set in May 2021. The token's recent resistance level is at $14.80, a level it has not broken since July.
Finally, Cardano (ADA) performed excellently, surging 84% on a weekly timeframe and rising 80% over the past two weeks.
ADA's current price is $0.5959, still well below its all-time high of $3.09 set in March 2020, reflecting a decline of about 81%. ADA's recent resistance level is at $0.6115, and if this level is broken, it could pave the way for a return to the annual high of $0.81.
Although these altcoins face challenges in the short term, Olson and other analysts remain optimistic about the outlook for the remainder of the year.
Donald Trump recently won the presidential election, which is expected to enhance institutional adoption of cryptocurrencies and increase capital inflows into the market.
This political shift may create a favorable environment for the continued price appreciation of major crypto assets in the ecosystem, including Bitcoin and the altcoins highlighted in Olson's watchlist.
