Even though Bitcoin (BTC) is moving towards a new high, the following altcoins are actually showing a bullish (rising) pattern towards it. This means that this altcoin has the potential to outperform Bitcoin in March 2024.
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1. Solana (SOL) – 100% Upside Potential
The weekly chart of SOL shows a rapid increase since breaking through the long-term descending resistance trend line in September 2023. After breaking through this resistance, SOL reached a high of ₿0.0029 in December 2023. Even though it experienced a slight decline, the SOL price managed to rise and stay around the area horizontal ₿0.0020 this week.
Analysis using Elliott Wave theory, which studies price patterns and investor psychology to predict trend direction, shows that the fourth wave of SOL has completed. This means that SOL price is expected to start the fifth wave with a 100% rise towards the next resistance at ₿0.0040.
However, it should be noted, this bullish prediction could fail if the SOL price breaks below the ₿0.0040 area. The drop could trigger a 45% correction to the nearest support at ₿0.0011.
Here are some factors that may influence the future price of SOL.
1. Adoption and Ecosystem Development
Solana has attracted attention in recent months for its fast blockchain performance and low transaction fees. Wider adoption of projects and applications built on Solana could be a significant growth driver for SOL.
2. DeFi and NFTs
Solana has become a popular platform for DeFi (Decentralized Finance) and NFT (Non-Fungible Token) projects. If this trend continues, SOL will likely see higher demand from market players looking to participate in these projects.
3. Partnership and Integration
Partnerships with large companies or integrations with well-known platforms could increase Solana and SOL's exposure to the broader market, which could have a positive impact on price.
4. Overall Market Sentiment
The overall crypto market sentiment will also influence the price of SOL. If the crypto market in general experiences increased optimism and growth, SOL may follow that trend.
5. Technological Development
Innovation and technological developments in Solana can strengthen the platform's position as a major player in the blockchain industry. Significant technical improvements or the release of new features could be a catalyst for SOL price increases.
Also Read: Solana (SOL) Future & Solana ETF Predictions
2. Dogecoin (DOGE) – 35% Upside Potential
Since October 2022, DOGE price has been stuck below the descending resistance trendline. The decline brought DOGE to a low of 157 satoshi this week. However, DOGE managed to recover and form a large bullish weekly candlestick. If the weekly close holds above the current level, DOGE will successfully break the descending resistance trendline that has held for 490 days.
In addition, the RSI (Relative Strength Index) indicator on DOGE showed a bullish divergence (increasing momentum in the opposite direction of the price) before the increase. This condition is often a signal of a potential trend reversal in a bullish direction.
If DOGE confirms the breakout, its price is expected to rise 35% towards the next resistance at 270 satoshi. Conversely, failure to break through resistance could lead to a 50% drop to the nearest support at 100 satoshi.
Here are several factors that may influence the price of DOGE in the future.
1. Market Sentiment and Speculation
Dogecoin is known for its volatility and is often affected by market sentiment and speculation. Changes in investor sentiment towards DOGE can cause significant price fluctuations.
2. Mass Adoption
Dogecoin has gained popularity due to its strong community support and adoption in a variety of use cases, including online tipping, charitable donations, and payments. If DOGE adoption continues to increase, this could support price increases.
3. Celebrity Endorsements and Social Influence
Endorsements from celebrities and social influences have influenced DOGE prices in the past. Positive or negative messages from famous figures on social media can have a significant impact on the price of DOGE.
4. Macroeconomic Events
Macroeconomic events such as government policies, changes in interest rates, and global market conditions can also influence the price of DOGE, as they do with many other cryptocurrencies.
5. Improved Accessibility and Usability
Changes in the accessibility and use of DOGE, such as integration with payment platforms or broader financial services, may increase DOGE demand and value.
Also read How to Buy Crypto:
3. The Graph (GRT) – 90% Upside Potential
GRT is the last altcoin predicted to have the potential to outperform BTC. GRT price managed to break the descending resistance trendline formed since its all-time high. After that, GRT started an increase that took it past the 450 satoshi resistance area.
This breakthrough was supported by an increase in the RSI indicator above 50, thus further strengthening its validation. If the bull run continues, The Graph has the potential to rise 90% to reach the next resistance at 900 satoshi.
However, if GRT price breaks below the 450 satoshi support area, it could trigger a 45% drop to the resistance trendline at 280 satoshi.
Here are several factors that may influence GRT prices in the future.
1. Technology Adoption
The Graph provides critical infrastructure to enable decentralized data access on the blockchain. If more projects and applications choose to use The Graph to access and index blockchain data, demand for GRT tokens could increase.
2. Ecosystem Development
The growth and development of the ecosystem of projects utilizing The Graph can also have a positive impact on GRT prices. The more applications and projects built on The Graph, the greater the demand for the token.
3. Market Sentiment
Market sentiment towards cryptocurrencies in general will also influence the price of GRT. If the crypto market experiences optimism and strong growth, this could support an increase in GRT prices.
4. Partnership and Integration
Partnerships with large companies or integrations with well-known platforms can increase The Graph and GRT's exposure to a broader market. This could be a positive driver for GRT prices.
5. Technological Development
Innovation and technological developments at The Graph can also influence GRT prices. Significant technical improvements or new feature releases could increase interest and demand for GRT tokens.
Also Read: BTC Days: Trade your BTC and Win a Total Prize of 10 Million Rupiah!
Conclusion
These three altcoins, SOL, DOGE, and GRT, show a bullish pattern towards Bitcoin and have the potential to experience significant increases in March 2024. However, this prediction is not a guarantee and investors still need to carry out in-depth analysis and research before making investment decisions.
How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet . For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH ), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also Read:
Dogecoin (DOGE) Whale Moves 332.9 Million DOGE to Binance
What is a Solana Virtual Machine (SVM)? Understanding the Core Technology Behind Solana
Getting to Know The Graph (GRT): Delivering Decentralized Data Access
DISCLAIMER : This article is informational in nature and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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