Altcoins Poised for Growth in 2024
After the approval of Spot Bitcoin ETFs, Bitcoin saw a significant surge, breaking the $45,000 mark. Alongside Bitcoin’s bullish momentum, altcoins like Ethereum (ETH) and Solana (SOL) also experienced substantial price increases.
In a recent post on X (formerly Twitter), crypto analyst Michael Van de Poppe shared insights on altcoins to buy or sell in 2024. He presented a chart detailing the price movements and corrections of Solana, Polygon (MATIC), and Chainlink (LINK).
According to Poppe, Solana’s consolidation phase seems to have ended after a major decline from its 2023 peak. He believes Solana will test higher time frame support at $80 and potentially reach new highs around $140.
The analyst also discussed MATIC’s historical performance, expecting an upward movement despite recent underperformance. He predicts MATIC’s price could rally between $1.25 and $1.50.
Poppe anticipates a substantial price increase for Chainlink’s LINK token as well, with an upward momentum towards $25.
Underperforming Altcoins in 2024
In his X post, Poppe highlighted altcoins struggling to surge and maintain resistance levels due to Ethereum’s slow growth.
He mentioned Synthetix (SNX) as one such altcoin experiencing depreciation because of Ethereum’s lagging performance. Poppe also discussed Arbitrum (ARB) and Polkadot (DOT), predicting significant price increases for both in the future.
If ARB can return to a price level of $1.40 to $1.60, it could present new entry opportunities. Additionally, Poppe expects Polkadot’s price to rise to $15, despite its current trading price of $6.80.
DOT’s recent price corrections and a “great weekly candle” make it an attractive investment option in the ongoing bull market.
Hot Take: Altcoins Show Promise for 2024
According to crypto analyst Michael Van de Poppe, altcoins like Solana, Polygon, and Chainlink are expected to experience significant growth in 2024. Solana’s consolidation phase appears to have ended, with a potential surge towards new highs around $140. Similarly, MATIC is predicted to rally between $1.25 and $1.50. Chainlink’s LINK token is also expected to gain momentum towards $25.
However, some altcoins, including Synthetix, Arbitrum, and Polkadot, have struggled due to Ethereum’s slow growth. Despite this, Poppe believes that ARB and Polkadot will see substantial price increases in the future.
Overall, altcoins present both opportunities and challenges for investors in the dynamic cryptocurrency market.
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