As Bitcoin (BTC) continues its impressive rise, surpassing the $85,000 mark and achieving new all-time highs, market analysts are now shifting their focus towards several prominent altcoins that are yet to reach their previous peaks.
Price Appreciation for Leading Cryptos Post-Election
Renowned market expert Jesse Olson recently unveiled his altcoin watchlist on the social media platform X (formerly known as Twitter), identifying four key cryptocurrencies poised for significant gains. Solana (SOL) is among the highlighted altcoins, showing promising potential for future growth.
Solana, currently trading around $218, has witnessed a remarkable 36% increase in price over the past week, outperforming many of the top ten cryptocurrencies. Notably, Solana is only 15% below its all-time high of $259, which was achieved in November 2021.
Trading Volume Surge and Market Position
The recent surge in Solana’s price has led to an almost 50% increase in trading volume over the weekend, enabling SOL to surpass Binance Coin (BNB) and secure the fourth position in terms of market capitalization among cryptocurrencies. Key resistance levels for Solana are identified at $222 and $230, which may present challenges for further upward momentum.
Ethereum’s Path to a Critical Breakout
Another cryptocurrency featured on Olson’s list is Ethereum (ETH). Despite underperforming compared to SOL and BTC in the weekly timeframe, Ethereum is approaching a pivotal breakout point. Currently trading at approximately $3,300, Ethereum is 33% below its record high of $4,878, reached in November 2021.
The recent 1.7% surge in the last 24 hours indicates potential momentum as Ethereum attempts to overcome four months of resistance at $3,320.
Chainlink Struggles to Break Resistance as Cardano Shines
Chainlink (LINK) has displayed different market dynamics. Despite a minor 1% decrease in the last 24 hours, LINK has experienced a substantial 43% surge over the week, with its trading price at $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 is at $14.80, a level it has not breached since July.
Meanwhile, Cardano (ADA) stands out as a leading performer, showcasing an impressive 84% surge in the weekly timeframe and an 80% increase over the past two weeks. Currently priced at $0.5959, ADA is significantly below its all-time high of $3.09, reached in March 2020, down approximately 81%. The nearest resistance for ADA is positioned at $0.6115; surpassing this level could open the path for a return to its yearly high of $0.81.
Outlook for Altcoins Amid Political Changes
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 Trump in the presidential election is expected 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, including Bitcoin and the altcoins highlighted in Olson’s watchlist.
