Analyst Michaël van de Poppe announced five altcoins that he believes will perform well in the first quarter of 2024. In his post about X, Van de Poppe noted that altcoin season is already in effect. However, he noted that chasing cryptocurrencies with 100x potential may not be the way to go this time. Instead, he advised his 679,700 followers to consider cryptocurrencies with large market capitalization and great benefits. Here are the five altcoins he mentioned, such as SUI coin, and his reasons for choosing them…
Michael van de Poppe focused on ETH and OP
According to the analyst, Ethereum (ETH) will outperform Bitcoin (BTC) this quarter because he believes the spot Ethereum ETF will be approved soon. Although he acknowledged that the Bitcoin ETF would also receive approval, he stated that its positive impact on the altcoin would be better. At the time of writing, the price of ETH was $2,381. This happened after the cryptocurrency gained 4.38% in the last 24 hours, according to CoinMarketCap. In the technical evaluation of the 4-hour chart, the RSI increased to 64.27. This data was proof that ETH’s momentum was on the rise.
If the buying momentum continues, it will be only a matter of time before the cryptocurrency moves to the $2,400 region. One reason for this prediction was the successful break of the $2,300 resistance. Optimism (OP) was the second cryptocurrency on van de Poppe’s list. The reason was that the token was transferred to the Ethereum ecosystem. So he believes that if ETH works, the OP should follow suit. This projection was clearly visible in OP’s 24-hour performance. According to CoinMarketCap, the price reached $3.89, thanks to a 7.31% increase. But OP’s RSI was in a downtrend, unlike ETH, as shown on the 4-hour chart.
LINK, ARB are also on the list
Parallel to the reason why OP was on the list, Arbitrum (ARB) coin also entered the list. At the time of writing, the 4-hour ARB/USD chart was on the rise. Although the uptrend is rejected at $1.73, the price may not fall much due to the support at $1.58. Additionally, the Money Flow Index (MFI) showed that ARB was experiencing intense buying pressure. This pressure has caused MFI to become overbought since it broke through the 80.00 reading. Currently, ARB may decline slightly from $1.71. However, the decline may not invalidate the bullish thesis. Therefore, a run towards $2 may be possible in the short term.
Chainlink (LINK) is a cryptocurrency that van de Poppe has been talking about since its price was below $8. The reason he chose LINK again was because he thought there could be a DeFi rally in 2024 and the token could be a part of it. LINK has turned upwards on the 4-hour chart as a result of seller exhaustion. Previously, the cryptocurrency’s rise to $17.50 triggered a wave of profit taking. However, after dropping to $14.92, buyers returned and pushed LINK towards $16. The Accumulation/Distribution (A/D) indicator also confirmed this view. If accumulation continues to outweigh distribution, LINK could be on track to reclaim $17.50.
SUI coin stands out in L1 elections
SUI was a surprising inclusion in the analyst’s pick, considering how it has struggled to outperform other L1 cryptocurrencies. However, van de Poppe noted that SUI’s support for decentralized applications could play a role in the token’s performance. Like LINK, SUI has also formed higher levels since January 1. Interestingly, the MACD also turned positive, indicating strong bullish momentum. It was also a similar showing with On Balance Volume (OBV). Van de Poppe also talked about other altcoins with incredible potential. Some of these include Polkadot (DOT), Sei (SEI), and Cosmos (ATOM).
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