Altcoin Projections 2024: Wins and Woes in Crypto’s Fast Lane

Jan. 29, 2024
Altcoin Projections 2024: Wins and Woes in Crypto’s Fast Lane

In a recent update, renowned crypto analyst and Bitcoin enthusiast Michael Van de Poppe provided valuable insights into the future trajectories of various altcoins, shedding light on potential opportunities for investors in the ever-dynamic cryptocurrency market.

Altcoins Soar Following Spot Bitcoin ETF Approval

The recent approval of Spot Bitcoin ETFs triggered a significant surge in Bitcoin prices, surpassing the $45,000 mark. Riding on this bullish momentum, several altcoins, including Ethereum (ETH) and Solana (SOL), experienced substantial increases.

Via a post on X (formerly Twitter), Van de Poppe shared a chart detailing the historical price movements and corrections of Solana, Polygon (MATIC), and Chainlink (LINK).

Solana’s Potential Surge

Van de Poppe indicated that Solana’s consolidation phase seemed to have concluded after a major dip from its 2023 peak of over $123 to the current $95.81. The analyst’s analysis suggests that Solana could undergo a higher time frame support test at $80 before potentially surging to new highs, reaching around $140.

MATIC’s Anticipated Rally

Examining the historical performance of MATIC, the native token of Polygon, Van de Poppe noted the cryptocurrency’s maintenance of higher time frame support levels with established liquidity. Despite recent underperformance, he predicts an upcoming upward movement that could propel MATIC’s price to a range between $1.25 and $1.50. As of now, MATIC is trading at $0.789, reflecting a 2.39% decline in the past 24 hours.

Chainlink’s Upward Momentum

Van de Poppe also anticipates a substantial price increase for Chainlink’s native token, LINK. The analyst pointed out that the cryptocurrency has consistently held crucial price levels and is poised for an upward momentum towards $25. At the time of writing, LINK is priced at $14.65, representing a 0.12% increase in the last 24 hours.

Underperforming Altcoins in 2024

In the same X post, Van de Poppe highlighted a list of altcoins struggling to surge and maintain crucial resistance levels, with Ethereum’s recent slow growth negatively impacting many of them.

Among the underperforming altcoins mentioned are Synthetix (SNX), which is currently depreciating due to Ethereum’s lagging performance, and Arbitrum (ARB) and Polkadot (DOT), which Van de Poppe predicts could experience significant price increases in the future.

For ARB, a return to a price level between $1.40 and $1.60 could open up new entries into a more sustainable position, according to Van de Poppe. Similarly, he predicts a rise in the price of Polkadot to $15, despite its current trading value at $6.80.

Van de Poppe highlighted Polkadot’s “great weekly candle” and sees its previous price corrections as a promising opportunity for investors in the ongoing bull market.

The crypto analyst’s insights provide a roadmap for investors navigating the dynamic cryptocurrency market in 2024, offering potential strategies for both growth and risk management.

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Ammar Raza

Associate editor
Skilled in crafting compelling content, with a deep enthusiasm for blockchain technology. I offer precise and easily comprehensible perspectives on cryptocurrencies, decentralized finance, and the ever-evolving landscape. Count on me as a reliable resource to remain informed about the latest advancements in the world of crypto.