The crypto market has entered 2024 after a year marked by Bitcoin‘s surge above 160%, with significant anticipation for events such as the approval of a spot Bitcoin ETF and the Bitcoin block reward halving. This bullish trend in Bitcoin’s price has led to substantial gains in many altcoins, with some experiencing increases of over 1000%. Crypto analyst and trader Captain Faibik has highlighted two altcoins that are on the verge of a significant breakout.
The first altcoin under Captain Faibik’s scrutiny is Filecoin (FIL), which he believes has confirmed a breakout from its main trend line and is on its way to reaching $25 in the medium term. Currently, FIL has seen a 13.86% increase over the past 24 hours, trading at $6.98. The analyst’s target represents a potential 258% increase from its current price.
The second altcoin on the analyst’s radar is Solar (SXP), which is still moving below its main trend line and has not experienced a significant rally for some time. Captain Faibik suggests that SXP is close to breaking its main trend line, which could lead to a substantial rally, pointing to a target price of $1.1586. At the time of writing, SXP has risen by 4.07% in the last 24 hours, trading at $0.417, and a move to the analyst’s target would mean a 177% increase.
In the broader crypto market, Bitcoin has seen a marginal decrease of 0.07% over the last 24 hours, trading at $42,509. Ethereum (ETH), often referred to as the king of altcoins, has similarly experienced a 0.43% drop, trading at $2,285. These movements have led to a 0.59% outflow from the crypto market in the past day, reducing the total market capitalization to $1.65 trillion.
Looking at the day’s biggest gainers and losers among altcoins, 1inch Network’s 1INCH token has seen the most significant increase, rising by 21.90% to $0.5202. On the flip side, FTX Token‘s FTT has been the biggest loser, with a 7.08% decline to $3.03.