The Ethereum uproar is perhaps the onset of the long-awaited altcoin season. The top altcoin has gained more than 14 percent in the last five days to trade around $2,115 on Friday. As a result, the altcoins’ total market capitalization gained about 3 percent in the past 24 hours to about $651.84 billion. The conviction of an imminent altcoin season is backed by the fact that Bitcoin’s market dominance has hit a significant resistance level of around 48 percent.
Altcoins to Watch Out for
According to a popular and pseudonymous crypto analyst, Altcoin Sherpa, some altcoins are like stablecoins while others are on the cusp of a significant upsurge.
Speaking in a YouTube video, Altcoin Sherpa stated that the decentralized oracle network Chainlink (LINK) could shoot up by as much as 300 percent from its current price range of $7.61. Having consolidated in the same range for the past year, the analyst is convinced LINK is about to break out at any moment.
“I strongly believe that LINK is actually in accumulation mode. I think that this is going to just continue chopping around for quite some time. And it looks really good, but there’s going to be a large opportunity cost for your money if you are holding LINK. And there’s nothing wrong with that. This is almost guaranteed to do 2-3x when it starts to move…” the analyst noted.
The other bullish Altcoin pointed out by the analyst was the top meme coin and the ninth largest digital asset by market capitalization, Dogecoin (DOGE). The analyst insisted that Dogecoin is awaiting Billionaire Elon Musk’s moves and tweets to send it to the moon.
“If you look back at its old price history, it’s just absolutely crazy where you see these long wicks, these long huge moves, and the full retrace. It’s almost an inevitability where this just goes to 2-3x,” Altcoin Sherpa noted.
The Solana (SOL) ecosystem is preparing to launch its Saga mobile smartphone which has significantly contributed to the 150 percent upsurge this year.
“I think we actually see a pullback. Maybe this year may be a little higher, but it wouldn’t really surprise me at all to see a slight pullback to the low $20s. And then we eventually break higher,” the analyst noted.