Altcoins
XRP and MATIC to hit $1; list of other altcoins with similar potential
Although Bitcoin reached new all-time highs a few months ago, the rotation into altcoins has been minimal. This means that many altcoins have not performed well relative to Bitcoin, leading some to wonder if altcoin season will ever happen. Now that Bitcoin is heading toward an important $70,000 level again, it is important to analyze the situation. On the Paul Barron networkInvesting Broz host Tim Warren gave an analysis of several altcoins, explaining their future trends.
Polygon:
Despite recent price challenges, Polygon (MATIC) is experiencing significant growth in its fundamental aspects. Increased wallet usage and mobile app engagement, as well as continued development and strategic partnerships, are strengthening the platform’s potential.
Technical analysis: Polygon’s recent price action reflects a downtrend, with the asset falling below levels seen in September. It is currently going through a falling wedge pattern. Historically, this pattern has led to bullish results after periods of consolidation.
Polygon is expected to rally to around $1 by mid-September if the current technical setup plays out as expected.
Aerodrome:
Aerodrome (AR) has recently gained significant attention as a liquidity currency for Base, Coinbase’s partner blockchain. This connection positions Aerodrome as a crucial player in Base’s growing ecosystem.
Technical analysis: Aerodrome has recently seen a notable price increase, doubling its value in the last two weeks. This increase reflects strong market interest and confidence in the future of the project. Analysis suggests that Aerodrome could reach around $3 by the end of 2024.
XRP:
XRP is seeing an increase in the number of new and total addresses interacting with its network. This suggests growing interest and usage, which can be a positive indicator for future price movements.
Technical analysis: XRP is approaching a critical point in a long-term symmetrical triangle pattern. Historical patterns suggest that such breakouts can lead to significant price gains. Currently, XRP is in a descending channel and could surge above $1, potentially reaching as high as $1.30. This target aligns with the all-time highs from November 2021.
The price of XRP saw a dramatic increase last year when news of the lawsuit being resolved was announced. While this was a one-time event, similar positive news could trigger short-term price spikes.
Solana:
Solana continues to improve its network through various upgrades and optimizations. These include improvements in scalability, security, and overall performance.
Technical analysis: Solana is meeting resistance around $173. This level is crucial as it has historically been an obstacle to further price gains. Despite the current resistance, Solana has maintained strong support levels, especially since early July. These support levels have been crucial in sustaining the price.
Solana price could rise to around $300 by late August or early September. This projection is based on recent price trends and technical indicators.