Cryptocurrency analyst and Decentralized Finance (DeFi) enthusiast, Mark Deutscher has disclosed the top five altcoins displaying strong resilience and performance amidst the dwindling crypto market.
Buying Opportunities Unveiled For Solana
Lately, the crypto market has been experiencing a significant downward trend, as a result, many altcoins have been affected by the market’s performance and sentiment. Deutscher has stated in a recent X (formerly Twitter) post that large dips in altcoin prices should be treated as a gift, because it gives investors buying opportunities, and allows them to capitalize on potential gains as the new market cycle unfolds. 12
Having carefully observed and analyzed various altcoins, Deutscher has unveiled a selection of altcoins he believes would outperform in the upcoming bull market. He also revealed certain catalysts that could trigger these positive movements in altcoins.
The crypto analyst highlighted Solana as one of the cryptocurrencies aiming to break through the market’s downward trend. Previously, Solana experienced an uptick, surging as high as $125. However, the cryptocurrency gave up its gains and began trading around the $100 price mark at some point.
Deutscher disclosed that Solana has shown great resilience despite the hurdles experienced in the market. He explained that Solana had a great chance to make a comeback. However, the outage in its network on Tuesday has dampened sentiment. He highlighted any retests at $80 as a potential buying opportunity, as he waits for things to settle with the cryptocurrency.
SOL price at $95 | Source: SOLUSD On Tradingview.com
Other Altcoins Show Strong Performance
Deutscher also mentioned several fast-growing altcoins like Jupiter (JUP) and Pendle (PENDLE). According to the crypto analyst, the Fear, Uncertainty, and Doubt (FUD) surrounding the Jupiter team selling their tokens will subside soon. He pointed out the solid outlook of JUP based on the data reflected in its price charts.
The analyst also revealed that Meow, the pseudonymous Chief Executive Officer of JUP, has hinted that stakers might be eligible for upcoming token airdrops. These airdrops could potentially bolster the positive sentiment surrounding the token, establishing a more solid foundation for a possible rally in the cryptocurrency.
Regarding PENDLE, Deutscher noted a steady growth in the token lately, considering pullbacks as potential buying opportunities. He revealed that the metrics reflecting the token’s growth are robust, especially with its Total Value Locked (TVL) hitting new all-time highs recently.
The crypto analyst also highlighted tokens like Maker (MKR), and Frax (FXS). Deutscher revealed rumours circulating about a potential token rebranding for MRK, coupled with the prospect of a token split.
He mentioned that the launch of Ethereum Layer2, Blast, and ERC20 token, Athena, may increase borrowing costs, thereby boosting Maker’s profits and potentially triggering a rally. Deutscher has stated that this re-staking narrative could be viewed as a bullish development for MKR.
Concerning FXS, Deutscher has said that the cryptocurrency is rumored to be launching an L2 chain called Fraxtal on Wednesday, February 7. He revealed that chain points might be airdropped to FXS stakers and anticipates a “sell the news” event for this token.
On the flip side, Deutscher has stated that if the airdrop proves to be successful and highly profitable, it could induce FOMO among investors and potentially improve sentiment surrounding FXS.
In his X post, Deutscher also highlighted several other altcoins to watch out for, among them, Polygon (MATIC), Optimism (OP), and Dymension (DYM).
Featured image from Medium, chart from Tradingview.com
Source: https://bitcoinist.com/crypto-analyst-5-altcoins/