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May 22, 2024
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Altcoin Season May Bring Explosive Growth to These Cryptocurrencies! Experts Bet on Long-Term Gains

The post Altcoin Season May Bring Explosive Growth to These Cryptocurrencies! Experts Bet on Long-Term Gains appeared first on Coinpedia Fintech News

Bitcoin’s price has made a fresh increase above its crucial resistance levels from mid-March and has gained investors’ bullish confidence in making new highs by this month’s end. While many investors focus solely on Bitcoin and other major cryptocurrencies, experts believe the upcoming altcoin season could be a turning point for the crypto market. According to experts, altcoins could see explosive growth in the coming months, fueled by renewed interest in the sector and an influx of new investors.

Altcoin Season to Start with Bitcoin’s Price Dip

As Bitcoin is poised to finish the week with a gain of over 25%, crypto investors are now eagerly waiting for altcoins to pump. In addition, the recent banking crisis in the United States and Europe appears to have spurred investment in Bitcoin, suggesting that the primary digital currency is currently performing as a secure-haven asset.

As Bitcoin recently broke its high of $28K, it creates a long distance for the altcoin season. According to data from BlockchainCenter, the altcoin season index currently trades at 27, signifying that Bitcoin needs to witness a price dip to ignite the bullish season for altcoins. 

Solana Price Analysis

The SOL token has been on an upward trajectory since the last few days as it took support near $16 and surged above its 23.6% Fib level. As of writing, the Solana token is trading at $23.6, gaining over 8% in the last 24 hours. 

SOL price has broken its resistance at the EMA-100 trend line and aims to extend its bullish rally above EMA-200. Analyzing the 12-hour price chart, Solana can surge by 100% in the altcoin season. SOL price is predicted to take support near the buyers’ zone at $15, which may spark fresh surges to $50 during altcoin season. 

Binance Coin Price Analysis

On March 18, BNB surged above $338, which nullified the bearish H&S pattern. Typically, when a bearish pattern fails, it draws in bullish buying activity and prompts short covering by bears.

Maintaining the price above the nearby support level of $318 is the responsibility of the bulls. If bulls successfully achieve this, it could result in the BNB/USDT pair potentially climbing toward $360 and eventually reaching $400. 

As of writing, BNB’s price trades at $337, with a decline of 1% in the last 24 hours. If BNB’s price breaks above its resistance of $350, it may initiate a smooth bull to $500 in the next few months. 

Stacks Price Analysis

Stacks is currently on a skyrocketing trend as it trades at $1.21, with a gain of nearly 8% from yesterday’s price. In just a brief period of time, from March 10 to March 18, the Stacks token experienced a notable surge from $0.52 to $1.29. Such a swift increase implies that the bulls were making aggressive purchases.

If the STX token breaks above $1.6, it will gain enough buying pressure and make a new high near $3.2 during the altcoin season. 

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