Market
5 Promising Altcoins to Watch Out in August 2024
The crypto market exhibited mixed signals in the month of July: many altcoins noted exceptional growth while other suffered.
Thus, going into August, it is important to be mindful of what to add to your portfolio. To simplify this, BeInCrypto has assembled a list of five tokens you should keep an eye on.
Flow (FLOW)
Flow is set to witness the arrival of the Crescendo Network Upgrade, which will be launched on the Testnet on August 14. The deployment’s biggest focus is enhancing the network’s scalability and decentralization.
This is expected to push the demand and bullishness surrounding the FLOW price, which is currently trading at $0.65. Breaching the resistances at $0.81 and $0.96 could push the altcoin beyond $1.00.
Read more: The Flow Blockchain and Its Flow Coin: A Complete Guide
However, failure to do so could also result in consolidation under $0.96, which had been the case for FLOW from mid-April to mid-June.
Conflux (CFX)
Conflux is about to undergo a major hard fork, which is aimed at improving the network’s performance, security, and overall functionality. The hard fork, scheduled for August 6, will bring multiple changes to the network, including a potential increase in the Proof of Stake (PoS) lock/unlock/retire periods.
The CFX price could see some volatility around this time, potentially for the good. This could help the altcoin break the consolidation of $0.17 and $0.14 and aid Conflux in recovering the early June losses.
Read more: The Beginners Guide To Blockchain
But if volatility favors the bears, this consolidation could continue. Losing the support of $0.14 could even intensify the drawdown, pushing the price below $0.10.
Solana (SOL)
Solana became an institutional favorite during the month of July as it became the altcoin with the highest inflows after Ethereum. Racking up $27.6 million as of July 26, SOL outperformed Litecoin, XRP, and Chainlink.
This could help SOL successfully achieve the 31% rally target presented by the bullish double-bottom pattern. Solana’s price could, as a result, hit the price of $245.
Read more: Solana ETF Explained: What It Is and How It Works
However, if the current decline continues this bullish thesis could be invalidated. SOL is down by 11% in the last five days, trading at $164 and could fall to $150 or lower.
Starknet (STRK)
Starknet is preparing for its next upgrade, which is scheduled for the end of August. This upgrade will introduce Parallel Execution to the network, and the transaction per second (TPS) capacity of the network is expected to increase to 250 following this upgrade.
This would also help STRK’s price recover from the all-time low it established at the start of August. The altcoin is currently trading at $0.456, recovering mildly from the ATL of $0.424.
Read more: A Deep Dive Into Starkware, StarkNet, and StarkEx
A bounce back could send STRK price towards the resistance at $0.619. Breaching and flipping it into support would enable further recovery, bringing the price to $1.043 and higher.
Axie Infinity (AXS)
Axie Infinity recently closed its open beta testing for the Homeland Avatar Mode Open Beta. This mode is currently in maintenance, and the Avatar Mode Beta is set to launch towards the end of August.
This is a major upgrade for the network, and its effects can be seen in the AXS price. The altcoin is currently facing a potential drawdown owing to the formation of the head-and-shoulder pattern.
Read more: Axie Infinity (AXS) Price Prediction 2024/2025/2030
While AXS has not fulfilled the drawdown yet, it has not invalidated the pattern either. A bounce back from $5.35 is expected, but a decline below it could send AXS price towards $4.07 and lower.
A rally, on the other hand, could push the price to $7.00 and higher, invalidating the bearish thesis.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.