Markets
These cryptocurrencies will reach a new ATH by the end of the year
Santiago R Santos, a well-known figure in the crypto world, recently sharing its market outlook for the remainder of 2024. Here is a concise overview of its key forecasts:
All-time highs for major cryptocurrencies
On a positive note, Santos has started his analysis with Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) reaching new all-time highs by the end of 2024. He believes their strong fundamentals and growing institutional interest will be the driving force behind this development. growth.
Analysis of the truth behind: Currently, Bitcoin needs to secure its position at $67,000 to reach $73,000 in the next five days. This will open the door to $85,008, which would represent a 32.26% increase from its current level. BTC’s 14-day RSI is 39.03, indicating bearish sentiment amid volatility of 2.35% and a Fear and Greed Index score of 63. The 50-day SMA and The 200-day SMA stands at $66,419 and $56,501, respectively.
Ethereum (ETH) and Solana (SOL) could move strongly during the upcoming altcoin season. ETH is trading at $3,497.86 and could grow by 2.56% to $3,616.83 in 30 days. Over the previous 24 hours, SOL fell 4.29% to $131.44, but it continues to target $150, an increase of 15.88%.
Token underperformance with large unlocks
According to the analyst, the current unstable scenarios show that tokens with upcoming massive unlocks are expected to bleed. Santos couples this with funds aiming to surpass their previous records, leading them to sell large quantities of these tokens unevenly. This selling pressure results in price suppression and market instability for these tokens.
Therefore, investors should monitor high-quality S-tier projects like Arbitrum for signs of stabilization. Increasing stablecoin flows could indicate a bottom for altcoins, suggesting renewed investor confidence.
The return of DeFi
However, Santos sees a revival in decentralized finance (DeFi). He notes that original DeFi projects are slowly gaining traction and could see increased interest, especially with the integration of real-world assets (RWA) and the potential impact of an ETH ETF.
The crucial role of the ETH ETF
Continuing, Santiago R Santos highlights the critical impact of the ETH ETF’s performance in 2024, outlining two potential scenarios.
First, if investor interest wanes due to the macroeconomic slowdown, ETH’s status as a risky asset could decline. This scenario is highly dependent on the broader economic environment and NVIDIA’s performance.
Strong ETF inflows could uniquely position ETH as a technology-focused investment, attracting new categories of investors. Santos believes this shift in narrative could lead ETH to reach new all-time highs by December.
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