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While Bitcoin (BTC) continues its remarkable rise, breaching the $85,000 mark and achieving a new high. All-time highsMarket experts expect a shift of capital towards several major cryptocurrencies that have yet to retest their previous peaks.
Price Estimation to Lead Cryptocurrencies After Election
Market expert Jesse Olson recently shared his altcoin watchlist on social media platform X (formerly Twitter), Highlight Four cryptocurrencies, including Solana (SOL), are identified as major players for what could be huge gains in the future.
SOL is currently trading at around $218, and has seen a significant 36% price increase over the past week, outperforming many of the top 10 coins. Remarkably, Solana is only 15% below its all-time high of $259, achieved in November 2021.
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The latest increase has resulted in an increase of approximately 50% Trading volume Over the weekend, allowing SOL to overtake Binance Coin (BNB) and secure the fourth place in terms of market capitalization among cryptocurrencies. Key resistance levels for Solana have been identified at $222 and $230, which could pose challenges for further upward movement.
Another altcoin Olson lists is Ethereum (ETH). Although it underperformed SOL and BTC on the weekly time frame, ETH is approaching a critical level. Penetration point.
Ethereum is currently trading at around $3,300, which is only 33% below its record high of $4,878, which was reached in November 2021. The recent 1.7% rise over the past 24 hours indicates potential momentum as it seeks to break out of four Months of resistance at $3,320.
Chainlink struggles to break resistance as Cardano shines
Chainlink (LINK) showed slightly different dynamics. Although it saw a slight 1% decline over the past 24 hours, LINK posted a massive 43% rise during 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 set in May 2021. Resistance wall At $14.80, a level that has not been breached since July.
Finally, Cardano (ADA) has emerged as a standout performer, posting an impressive 84% upside in the weekly time frame and an 80% uptick over the past two weeks.
ADA’s price is currently at $0.5959, still well below its all-time high of $3.09, which was reached in March 2020, down nearly 81%. The nearest resistance for ADA is at $0.6115, and if it crosses this level, it could pave the way for a return to its level. high annually From $0.81.
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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 last Donald Trump’s victory In the presidential election, this is expected to boost institutional adoption of cryptocurrencies and increase capital inflows into the market.
This policy shift could create an environment conducive to continued price appreciation across the ecosystem’s leading crypto assets, including Bitcoin and the altcoins featured on Olson’s watchlist.
Featured image of DALL-E, chart from TradingView.com