Altcoin Market Poised for Breakout? Trader Sees Big Potential Ahead

• Trader Yoddha predicts a potential breakout for TOTAL3, possibly signaling the start of an altcoin season.
• TRON DAO’s memecoin-driven transaction surge reflects growing investor interest across the altcoin market.

Popular trader Yoddha recently highlighted the altcoin market’s potential, predicting a huge breakout on the horizon. In a chart he published, Yoddha spotted a great possibility for the TOTAL3 market cap, which excludes Ethereum and Bitcoin, to skyrocket and potentially break the Descending Channel pattern following a period of re-accumulation.

#Altcoins are getting ready for a big breakout here

Altseason will hit the market soon

Some memes already started pumping on Tron pic.twitter.com/DvM2wvCf1S

— Yoddha (@CryptoYoddha) August 20, 2024

Yoddha Predicts TOTAL3 Breakout as Memecoins Surge on Tron Network

According to Yoddha, TOTAL3 is projected to surpass its previous top, creating a new all-time high. This breakout, he believes, might mark the beginning of an altcoin season, often known as “altseason,” in which cryptocurrencies exhibit broad increases.

In addition to his review of the overall altcoin market, Yoddha highlighted a recent spike in the memecoin sector, notably on the Tron network.

According to CNF, TRON DAO recently had a whopping 124% surge in transactions, attributable primarily to the increased excitement surrounding the memecoin platform SunPump.

Historically, memecoins have frequently functioned as catalysts for larger market surges, creating considerable investor interest that typically spreads to other sections of the cryptocurrency market.

Furthermore, data from CryptoQuant, as we previously noted, shows that whales’ limit buy orders for cryptocurrencies have been increasing, forming a powerful buy wall. This action indicates high market confidence among large-scale investors.

As analysts continue to observe these trends, many anticipate a significant altcoin rise in August and September 2024, with much speculation about how the market will evolve in the coming months.