As a seasoned researcher with a decade-long background in financial markets and digital currencies, I find myself intrigued by the recent surge of altcoins such as Solana (SOL), Ethereum (ETH), Chainlink (LINK), and Cardano (ADA). The meteoric rise of Bitcoin (BTC) has undeniably captured the limelight, but these lesser-known gems have been steadily gaining ground.
With Bitcoin (BTC) soaring past the $85,000 milestone, reaching unprecedented highs, financial analysts anticipate a movement of investment from Bitcoin into some prominent cryptocurrency alternatives, which have yet to surpass their former record levels.
Price Appreciation For Leading Crypto Post-Election
Market expert Jesse Olson recently shared his altcoin watchlist on social media platform X (formerly Twitter), highlighting four cryptocurrencies, including Solana (SOL), as key players for what could be massive gains ahead.
At approximately $218, Solana (SOL) has witnessed a notable surge of about 36% over the last week, surpassing several top ten cryptocurrencies. Interestingly, Solana is just 15% short of its peak price of $259, which it reached in November 2021.
Over the weekend, a significant rise led to approximately double the usual trading activity, propelling Solana (SOL) ahead of Binance Coin (BNB), placing it fourth in market capitalization rankings among cryptocurrencies. Potential obstacles for SOL’s continued growth lie at $222 and $230 price points.
On Olson’s list, another digital currency besides Solana (SOL) and Bitcoin (BTC) is Ethereum (ETH). In the last week, it hasn’t done as well as SOL or BTC, but Ethereum (ETH) is getting close to a significant turning point.
Presently hovering around $3,300, Ethereum is merely 33% below its all-time high of $4,878, which was achieved in November 2021. The latest increase by 1.7% within the past day hints at possible growth as it aims to surpass a four-month barrier at $3,320.
Chainlink Struggles To Break Resistance As Cardano Shines
In contrast to its slight 1% drop over the past day, Chainlink (LINK) has displayed an impressive 43% upward trend over the last week, currently trading at around $14.70, as observed on Monday.
Even though LINK has shown strong weekly gains, it’s still 72% lower than its peak price of $52.70, which was reached in May 2021. The token’s next significant resistance point is at $14.80, a level it hasn’t surpassed since July.
To wrap up, it’s clear that Cardano (ADA) is making waves with its remarkable growth: it’s soared by 84% in just a week, and over the past fortnight, it’s climbed an impressive 80%.
At present, ADA is trading at $0.5959, which is considerably lower than its peak price of $3.09 in March 2020. This represents a decrease of around 81%. The potential resistance for ADA lies at $0.6115, and if it manages to break through this level, it might lead back towards its annual high of $0.81.
Regardless of the hurdles that some digital currencies (altcoins) may encounter in the short run, Olson and other experts continue to hold an optimistic view for the rest of the year.
It’s expected that Donald Trump’s recent win in the presidential election could lead to more institutions adopting cryptocurrencies, which might result in a rise in investment into this market.
This political change might lead to conditions that are beneficial for the ongoing increase in value for prominent cryptocurrencies like Bitcoin and other altcoins listed on Olson’s observation list, as they currently reside within the ecosystem.
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2024-11-12 12:04