The cryptocurrency market is trying to hold its ground in February after a strong performance in January. Although the leading crypto Bitcoin (BTC) lost the $ 23 thousand line, the bulls continue to defend $ 22 thousand. In this environment, analysts shared their predictions for altcoin projects, where they expect strong movements.
Master analyst’s expectations for FTM price
Prominent crypto analyst Michael van de Poppe shared his thoughts on the price of Phantom (FTM) and what crypto could do in the coming days on Twitter.
Said that you shouldn't chase assets like $FTM and $FET, but you can easily trade them.
First area of interest is hit around $0.50-0.47, if that holds we'll have a bounce of 15-25% likely.
Lower to $0.41? Swing entries. pic.twitter.com/C5inzpW9bA
— Michaël van de Poppe (@CryptoMichNL) February 8, 2023
While the analyst believes that you shouldn’t ‘chase’ assets like FTM, he states that you can still trade them easily. According to the post, the analyst believes that the initial interest for FTM will be around $0.50 to $0.47. If the altcoin can hold this level, the analyst says that the price of FTM could increase by 15% to 25%. The analyst also states that traders will likely open moving entries around the $0.41 sub-level.
“Solana (SOL) looks ready for a comeback”
The market is currently hostile to Solana (SOL) as the altcoin is down 3.66% to $22.78 in the last 24 hours. This price drop underscores the trend in a highly volatile market that still has a long way to go from the overdrawn crypto winter. Leveraging its current performance, Solana is down 8.40% over the last seven-day period. Despite Solana’s currently bearish outlook, two key ecosystem trends are quite enough to help it make a comeback in the short term.
Solana community member FlipsideSolana says the total number of developer activity on the Tier-1 network has increased over the past few weeks, in a statement that appears to be fixing a misunderstanding from crypto data platform TokenInsight.
"75 devs"
Number of new programs actually went up in January on Solana, while number of programs deployed + upraded returned to post FTX collapse levels
2k participants in the makeshift Sandstorm Hackathon
Over 3k participants have already registered for grizzlython https://t.co/7w5UqxqWYp pic.twitter.com/flxBJK6XQH
— Flipside SOL Intern (@FlipsideSolana) February 8, 2023
He notes that the total number of new programs began in January, with many ecosystem activities returning to pre-FTX pre-bankruptcy levels. Alongside these ecosystem upgrades and the addition of dApps, he notes, Solana has received many new registrations for its hackathons that have the potential to support a new era of smart contract growth in the protocol.
“Leading altcoin enters major support area”
Crypto analyst Ali Martinez says that Ethereum, the second largest cryptocurrency, is trading in an area that represents a key support zone on the chart, namely the region between $1,600 and $1,650. The analyst cites on-chain data showing that nearly two million wallets have purchased 8 million ETH in this price range. Now, the necessary condition for Ethereum to go higher is the continuation of this important demand wall.
Note that the $1,600-$1,650 level represents a significant area of support for #Ethereum.
Onchain data shows that 1.94 million addresses purchased 8 million $ETH between $1,600 – $1,650. As long as this important demand wall holds, #ETH has a good chance of advancing further. pic.twitter.com/QThZoVS0tz
— Ali (@ali_charts) February 8, 2023
Analysts predict a 40% rally for altcoin
As you follow on Kriptokoin.com, the Cardano network has made significant progress over the past year, despite posting fluctuating prices. According to the latest crypto market data, the Cardano ecosystem boasts a locked total value (TVL) of approximately $108.74 million. The best DeFi projects on Cardano Blockchain are DEXs including Minswap, WingRiders, SundaeSwap and MuesliSwap. As a result, transactions may be due to these top DEXs as they facilitate liquidity swaps on Cardano DeFi tokens. With a market cap of approximately $13.95 billion and a daily trading volume of approximately $390,332,792, the Cardano ecosystem is expected to gain more in the crypto bull market.
Crypto analysts are predicting a possible reversal of the ADA market with a possible head and shoulders formation on the weekly timeframe. However, as the crypto market enters an expected multi-quarter consolidation, the latter should be in the process of formation. From a technical standpoint, the altcoin price could soon rally to $0.57 as whale accounts increase on-chain activity.
“Lido Finance (LDO) takes massive action”
Lido Finance (LDO) experienced a significant rally in the market after a tweet shared by Coinbase CEO Brian Armstrong. Armstrong shared his concerns over rumors that the SEC is looking to get rid of crypto staking in the US for retail customers, which he believes will be a terrible path for the US. He highlighted that staking is a very important innovation in the crypto space that allows users to directly participate in running open crypto networks and brings many positive improvements, including scalability, increased security and reduced carbon footprint.
1/ We're hearing rumors that the SEC would like to get rid of crypto staking in the U.S. for retail customers. I hope that's not the case as I believe it would be a terrible path for the U.S. if that was allowed to happen.
— Brian Armstrong (@brian_armstrong) February 8, 2023
The decentralized nature of Lido Finance has triggered the shift of staking funds from centralized staking providers to decentralized. So this also increased the price of LDO. Analysts expect this trend to continue if demand for decentralized staking continues.
“Reaching the peak price for altcoin is inevitable”
Former congressional candidate David Gokhshtein is confident that Dogecoin (DOGE) will hit an all-time high. The crypto entrepreneur confirms his prediction on Twitter, saying, “I can’t find a reason why DOGE shouldn’t break its previous ATH.” He talks about the record DOGE price of $0.73, which happened about two years ago.
Naturally, Gokhshtein’s bold statement was met with sarcastic comments. Crypto enthusiasts pointed out that there is ‘a reason why the price didn’t go that high’. In turn, others suspect that Gokhshtein is using the Dogecoin shilling. But the owner of Gokhshtein Media establishment said about the lack of influence, “You think I moved the markets? My wallet says otherwise (crying emoji),” he shared.
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