Top 4 Altcoins to Watch in October
With the crypto landscape constantly evolving, it’s important to keep an eye on emerging altcoins that show promise and innovation. In October, there are four altcoins that stand out as potential frontrunners. Let’s take a closer look at each of them.
Arbitrum (ARB)
Arbitrum is making waves with its Short Term Incentive Program (STIP), which will inject 50 million ARB into protocols within its ecosystem. This move is expected to significantly increase liquidity, similar to Optimism’s grant distribution that saw a surge in Total Value Locked (TVL). Over 105 applications have already been submitted to the Arbitrum STIP, mainly from DeFi applications.
The current price of ARB is $0.9295, and it’s crucial for the coin to break above the resistance at the 38.2% Fibonacci retracement level ($0.9721) and not fall below the descending trendline.
Solana (SOL)
SOL has gained attention due to its growing DeFi ecosystem and strong community support. It offers significant scaling benefits and has attracted projects like Eclipse, which aims to build an Ethereum L2 with the Solana VM. The sentiment around SOL is extremely positive, and it has become a popular investment among digital asset funds globally.
The SOL price recently broke above the 200-day EMA and the 38.2% Fibonacci retracement level, indicating potential targets at $26.63 and $32.35.
Radiant Capital (RDNT)
Radiant Capital postponed its Ethereum mainnet deployment for gas optimizations but remains a prominent player in the lending/borrowing market on Arbitrum. Cross-chain expansion and an Arbitrum STIP proposal are expected to drive TVL growth for RDNT.
If the price of RDNT breaks above the 23.6% Fibonacci retracement level at $0.2625, it could signal a breakout from the downtrend.
Maker (MKR)
Maker has been generating significant attention with its impressive rally. It is currently the largest revenue-generating protocol in DeFi, with an annualized revenue of $193 million. The majority of this revenue comes from interest accrued from DAI minters and Real World Assets (RWAs).
The uptick in MKR’s valuation is attributed to more collateral as RWAs and a growing DAI supply. Catalysts like DAI’s ongoing expansion and upcoming developments like a token split, rebranding, and subDAOs could further boost MKR’s growth.
If the MKR price continues its rally, it could potentially reach the 23.6% Fibonacci retracement level at $1,888.
Hot Take: Promising Altcoins for October
In October, keep an eye on Arbitrum (ARB), Solana (SOL), Radiant Capital (RDNT), and Maker (MKR) as these altcoins show promise and innovation in the crypto landscape. ARB’s Short Term Incentive Program aims to increase liquidity, SOL offers scaling benefits with a growing DeFi ecosystem, RDNT is expanding on Arbitrum with cross-chain growth potential, and MKR is the largest revenue-generating protocol with several catalysts for future growth. Stay informed and watch out for potential opportunities these altcoins may bring.
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