After facing increased selling pressure in recent weeks, the cryptocurrency market entered the last week of January 2024 in a recovery mode. The price of Bitcoin (BTC) has risen about 6 percent over the past five days and was trading at around $42,239 during the early Asian session on Monday. As a result, most altcoins are showing early signs of near-term uptrend continuation as crypto cash rotation intensifies.
Key indicator for Altseason
The altcoin market cap, TOTAL2, has retested a former resistance level of over $700 billion in recent weeks and is on the verge of flipping it to a support level. According to a popular crypto analyst, Michaël van de Poppe, based in Amsterdam, Netherlands, crypto traders should pay close attention to the price movement of Ethereum against the US dollar and Bitcoin.
Notably, the crypto analyst expects more altcoins to rally after the ETH/BTC pair turns the resistance level around 0.061 into a support level. Ideally, the crypto analyst believes that the market capitalization of altcoins will soon increase by at least $500 billion.
The best altcoins to keep an eye on
With most altcoin-versus-Bitcoin pairs consolidating at their bear market lows, Poppe is confident that more gains are coming soon – some altcoins to pay particular attention to include Ethereum-based Layer 2 networks and DeFi Tokens.
Chain link (LINK)
Chainlink (LINK) is a utility-based altcoin with a growing global community of investors and developers. Having experienced the first bullish wave after a solid breakout in October last year, Poppe is confident that the altcoin is about to enter the second bullish wave. According to Poppe, the next two main targets for LINK are around $21 and $37.
Solana (SUN)
The Solana (SOL) network is largely backed by institutional investors and is well positioned for continued mass adoption of smart contracts and Web3 products. As a result, Poppe expects SOL price to rise towards $140 soon.
Polygon (MATIC)
Having recently held the support level firmly above $0.69, Poppe believes that the price of MATIC is well positioned to double in value in the coming weeks.
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