As Bitcoin (BTC) continues its notable ascent, breaking through the $85,000 mark and setting new all-time highs, market experts predict a shift in capital towards several major crypto altcoins that have yet to retest their previous peaks.
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.
Currently trading at around $218, SOL has experienced a significant 36% increase in price over the past week, outperforming many of the top ten cryptocurrencies. Remarkably, Solana is only 15% below its all-time high of $259, achieved in November 2021.
The recent surge has resulted in a nearly 50% increase in trading volume over the weekend, allowing SOL to surpass Binance Coin (BNB) and secure the fourth position in terms of market capitalization among cryptocurrencies. Key resistance levels for Solana are set at $222 and $230, which could pose challenges for further upward movement.
Another altcoin featured on Olson’s list is Ethereum (ETH). While it has underperformed compared to SOL and BTC in the weekly timeframe, ETH is approaching a critical breakout point.
Currently trading at approximately $3,300, Ethereum is just 33% shy of its record high of $4,878, reached in November 2021. The recent surge of 1.7% in the last 24 hours suggests potential momentum as it seeks to break through four months of resistance at $3,320
Chainlink Struggles To Break Resistance As Cardano Shines
Chainlink (LINK) has shown slightly different dynamics. Although it experienced a minor 1% decrease in the last 24 hours, LINK has posted a substantial 43% surge over the week, with a trading price of $14.70 as of Monday.
Despite this positive weekly performance, LINK remains 72% below its all-time high of $52.70 recorded in May 2021. The token’s nearest resistance wall is at $14.80, a level it has not breached since July.
Finally, Cardano (ADA) has emerged as a standout performer, boasting an impressive 84% surge in the weekly timeframe and an 80% increase over the past two weeks.
Currently priced at $0.5959, ADA is still significantly below its all-time high of $3.09, reached in March 2020, and is down approximately 81%. The nearest resistance for ADA is positioned at $0.6115, and if it surpasses this level, it could pave the way for a return to its yearly high of $0.81.
Despite the challenges these altcoins face in the near term, Olson and other analysts maintain a positive outlook for the remainder of the year.
The recent victory of Donald ***** in the presidential election is anticipated to enhance institutional adoption of cryptocurrencies and increase capital inflows into the market.
This political shift could create a favorable environment for continued price appreciation across leading crypto assets of the ecosystem, including Bitcoin and the altcoins highlighted in Olson’s watchlist.
Featured image from DALL-E, chart from TradingView.com