As Bitcoin trades above $62,000, experts forecast a significant uptrend in the cryptocurrency market, with high-volume altcoins poised to achieve new all-time highs. Investors have a timely opportunity to purchase these altcoins ahead of the anticipated bull run. This report analyzes the price charts of three notable high-volume altcoins.
How is BNB Performing?
Binance’s service altcoin, BNB, experienced a 13.03% increase last week, signaling robust performance. The series of bullish candles depicts a positive trend as the cryptocurrency market gains momentum. The dominance of Binance in centralized trading is likely to boost trading volumes, contributing to this positive outlook.
Despite a 15% drop marked by a bearish engulfing candle at the beginning of July, BNB’s weekly chart shows a notable recovery rally. The altcoin reclaimed the 50% Fibonacci level at $537 and is currently trading at $557. Supported by the 50-week EMA, the rally is expected to continue, potentially surpassing the $800 mark.
What is the Outlook for Solana?
Often referred to as the “Ethereum Killer,” Solana‘s mainnet asset SOL appears ready for a bullish week. The price trend indicates a potential double bottom at the 50% Fibonacci level, supported by the 50-week EMA, suggesting a bullish outlook.
SOL surged by 12% last week, with an additional 2.97% increase during the day, showcasing strong momentum. If SOL surpasses the 61.80% Fibonacci level at $158, it could spark a bull run towards $200. According to Fibonacci levels, SOL has the potential to reach $400, marking an all-time high this year.
Will Toncoin Breakthrough?
Toncoin, with a market cap of $18.76 billion, rose by 5.25% last week, ranking 8th among high-volume altcoins. As the cryptocurrency market recovers, TON is expected to benefit from this momentum, bolstered by its rising trend line.
TON currently holds above the 50-day EMA but struggles to surpass the 50% Fibonacci level at $7.48. A breakout from this level could trigger a bull run, pushing the altcoin towards the psychological level of $10.
Investment Insights
– BNB is showing a promising recovery, likely to exceed $800.
– SOL could initiate a bull run towards $200 if it surpasses $158.
– TON needs to break through $7.48 to aim for $10.
Conclusion
As Bitcoin continues to trade robustly, high-volume altcoins are showing significant potential for growth. Investors should closely monitor these altcoins for strategic buying opportunities before the anticipated bull run.