Amidst the current bearish market sentiment, there are a select few altcoins that show promise of soaring by 100% should a bull run ensue. However, recent days have seen a significant decline in the overall cryptocurrency market, resulting in these altcoins now being available at discounted prices.
Top Altcoins for the Next Bull Run
After analyzing price action and technical indicators, the best altcoins poised for the upcoming bull run in 2024 are Solana (SOL), Dogecoin (DOGE), and Ripple’s XRP.
Arthur Hayes’ Altcoin Season Prediction
Arthur Hayes, the co-founder and former CEO of BitMEX, recently released a report suggesting that altcoin season will return once Bitcoin (BTC) and Ethereum (ETH) surpass the $70,000 and $4,000 thresholds. Hayes also mentioned,
Solana is expected to exceed $250, but the overall market impact of a Solana surge is not as substantial as that of Bitcoin and Ethereum due to differing market capitalizations.
Solana (SOL) Price Forecast for 2024
Technical analysis indicates that SOL is in a bullish position, trading above the 200 Exponential Moving Average (EMA) on a daily basis. SOL’s price above the 200 EMA positions it as a top contender for the next bull run. Additionally, SOL is currently consolidating within a range of $120 to $190.
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Currently, SOL is trading around $145, with strong potential to reach $190 in the near future. With BTC and ETH surpassing $70,000 and $4,000, the market sentiment may shift, propelling SOL to break its all-time high and reach $260.
Dogecoin (DOGE) Price Forecast for 2024
Despite being the largest meme coin globally, Dogecoin (DOGE) is showing bullish signs and is available at a discounted price. There is a possibility of DOGE increasing by 100% in the near future, especially after experiencing a 55% drop in the last three months and currently trading above the 200 EMA on a weekly basis.
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If market sentiment shifts, DOGE could potentially surge by 100% or more, especially with investors and whales actively accumulating DOGE following its recent price decline.
XRP Price Forecast for 2024
The final altcoin with the potential to double investments is Ripple’s XRP. Technical analysis reveals that XRP has been consistently consolidating within a tight range, forming a bullish symmetrical triangle pattern on a weekly basis. XRP is currently at a breakout point within this pattern.
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If XRP breaks out of this triangle pattern and closes a weekly candle above $0.66, there is a strong possibility of a 100% increase, with XRP potentially reaching $1.35 in the near future.
