The altcoin market has recently seen a surge in interest and confidence, primarily driven by the largest cryptocurrency, Bitcoin (BTC). This renewed enthusiasm has led to an uptrend, with most of the top 100 cryptocurrencies benefiting from Bitcoin’s resurgence.
However, the market is currently experiencing a correction as Bitcoin and Ethereum (ETH) is facing pullbacks after failed attempts to break above resistance lines. Despite this correction, crypto analyst Miles Deutscher shares his insights and strong points several altcoins with potentially large gains.
SOL emerges as safe haven in crypto market correction
Solana exhibited remarkable growth, even as the market as a whole is experiencing a correction. With a 0.5% gain over the past 24 hours, SOL’s further upside potential cannot be ignored.
Deutscher suggests that SOL could continue to benefit from continued investment rotation from other layer 1 solutions like Avalanche (AVAX) and Fantom (FTM).
Thorchain (RUNE) has been on an impressive upward trajectory, prompting investors to consider buying on corrections and deep wicks. The leading decentralized exchange (DEX) on ThorchainTHOR, also showed a positive development, further strengthening the growth potential.
Polygon (MATIC) has recently shown signs of strength and has generated whispers within the crypto community about a potential zero-knowledge (ZK) narrative. If this story comes to fruition, MATIC, a leader in the field, could attract significant positive flows.
In ZK’s telling, altcoins like Dusk Network (DUSK), Loopring (LRC), and Mina Protocol (MINA) are poised to benefit. Deutscher believes that each altcoin offers unique strengths and value propositions, and that their performance will depend on the strength of ZK’s emerging narrative.
Soteria (SEI) attracted attention by entering the top 10 in pairs traded volume on Upbit. Considered a “new coin,” SEI features similar fundamentals to the next altcoin on the watchlist.
Tidal Finance (TIA) is a relatively new token similar to the first days of Aptos (APT). The market tends to favor new and innovative tokens, and while TIA’s rally may have started to calm down, it still holds explosive potential. With a current market capitalization of $700 million, TIA remains an attractive opportunity for investors.
Gaming DEXs and Altcoins Poised to Thrive
In addition to altcoins, decentralized exchange (DEX) tokens like GMX, DYDX, and Gnosis (GNS) are positioned to benefit from market volatility.
According to Deutscher, these tokens have shown a correlation between price movements and fundamental factors. If volatility persists, these tokens could present favorable investment opportunities in the medium term.
Yield Guild Games (YGG) and Gamesstarter (GMT), gaming tokens with initial upward movements, are expected to continue to outperform the broader market. These gaming tokens could see sustained growth with the YGG conference scheduled for November 18.
Although the current cryptocurrency market correction has led to a decline in Bitcoin and Ethereum, the altcoin landscape still offers potential opportunities for investors.
Solana’s continued uptrend, along with the prospects of altcoins like Thorchain, Polygon, and those associated with the ZK narrative, suggest possible growth paths. Additionally, emerging tokens like Soteria and Tidal Finance, perp DEX tokens, and gaming tokens may also offer favorable investment prospects.
(The content of this site should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from Shutterstock, chart from TradingView.com