In the dynamic world of cryptocurrencies, the ongoing rotation towards altcoin projects is taking center stage as the price of Bitcoin consolidates between $35,000 and $38,000. This consolidation creates short-term opportunities for investors to benefit from the rising altcoin wave. In particular, leading altcoins such as MATIC and Solana strengthen their positions, indicating that the coming week will be promising. Here are six altcoins to watch next week, according to analysts Shayan Chowdhury and Ivan Zhelev…
First altcoin on the list: MATIC analysis
Polygon’s price momentum accelerated, surpassing the $0.70 level. While resistance is encountered at $0.87, a pullback towards $0.7 is imminent. A successful bounce from this point completes a ‘double bottom’ pattern. It would also potentially push MATIC above $1 next week.
What is expected for Solana?
There is no doubt that Solana price is registering huge gains these days, as seen on the daily price chart. SOL price increased by 164% in one month and 41% in the last seven days. Currently, the bulls are trying to break through a crucial resistance level that will cause the price to skyrocket next week. Solana (SOL) price is about to gain momentum above the critical $59 resistance. This signals the beginning of a new uptrend. It also potentially leads the price towards $70.
Will Chainlink take the rally forward?
The price of Chainlink recently reached $15. Attempts to extend the altcoin’s rise further have met with resistance, as evidenced by the long wick on the candlestick indicating selling at higher prices. At the time of writing, LINK price is trading at $16.2, up over 7.3% in 24 hours. LINK price may decline to $13, corresponding to the 50% Fibonacci retracement level. A strong recovery from this price could prompt buyers to challenge the $19 resistance. Then, a breakout could send the price towards $29.
Conversely, a decline below $13 would signal a sell. It would also potentially lead to a decline towards the 20-day Exponential Moving Average (EMA) at $12.3. On LINK, this level sees a fierce contest between buyers holding out for a rally and sellers looking to profit from recent gains.
Popular altcoin SHIB is also among those to watch
Generally bullish, Shiba Inu is currently trading at $0.000008357. However, it experienced a small decline, reflecting a 2.85% decline in the last 24 hours. Despite this, the cryptocurrency recorded a growth of 7.7% throughout the week. Sustained buying momentum and trading volume rising 61.01% to $282,688,671 show that the Shiba Inu has established a solid foundation for its ambitious goals and has the potential to eliminate another zero in the near future. However, it is worth noting that such an increase is not certain.
Will the meme coin trend continue?
PEPE operates with a maximum supply of 420,690,000,000 tokens. Of this, 93.1 percent initially remained in a liquidity pool. The remaining 6.9% remained in the multi-signature wallet for future purposes. With meme coins gaining popularity in recent years, Pepe Coin has become the center of attention. After experiencing a 1.3 rise, it is trading at $0.00000130 at the time of writing. While the coin’s trading volume increased by 163.39% to $396.37 million, its market value increased by 0.37% to $556.38 million. Expectations are building for another bull run in early 2024. At this point, according to analysts, PEPE serves as a strategic investment for those who expect new peaks.
Last altcoin on the list: Kaspa
KASPA has recently attracted the attention of investors looking for affordable opportunities and has experienced a significant increase of over 2094% in the last year. Notably, last week witnessed a 75% increase, but currently KASPA is trading at $0.089423, with a slight daily decline of 2.3%. A notable indicator of its rising importance is 114,934,098.78 in the last 24 hours. USD – a significant increase of 121.50% compared to the previous day. This increase indicates that market activities have increased and confidence in the project has increased.
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