Crypto Stream, an altcoin analyst, discussed a few promising cryptocurrencies and their potential for a bullish rally on X (formerly Twitter). He also explored whether this is a good time for investors to enter positions on these altcoins given the current market upswing.
In the X post, the analyst pointed out that Pendle (PENDLE) saw a significant price increase after Arthur Hayes, co-founder of BitMEX, sold all his tokens at a loss of $1.29 million.
Arthur Hayes(@CryptoHayes) sold 1.59M $PENDLE for $5.62M at an average price of $3.52 over the past 2 days.
After his sell-off, the price of $PENDLE surged by 24%, making the 1.59M $PENDLE worth $6.91M now.
His sell-off resulted in a loss of ~$1.29M!https://t.co/HNWw2RiuDO pic.twitter.com/IWvDTrc0Qt
— Lookonchain (@lookonchain) September 22, 2024
Another top performer of the week has been Bittensor (TAO), an AI project. The analyst mentioned that traders have been eagerly awaiting an entry point. According to CoinMarketCap data, TAO is up 83.74% in the past seven days. A favorable entry point for the altcoin could be if it pulls back to the $450 price level.
Crypto Stream suggested that Fantom (FTM) has increased chances of reaching higher highs thanks to the excitement surrounding the Sonic upgrade. The cryptocurrency has already gained 26.95% in the past seven days.
SUI, APT, and SEI have been rallying as well amid the increasing popularity of L1 blockchains that are focused on decentralized finance (DeFi), Ethereum scaling, and the “Solana killer narrative.” SUI DeFi has immense potential and it is quite possible that the altcoin continues its uptrend. Same is possible for APT and SEI.
Read also: Altcoin Market Cap Climbs Above $600 Billion: Is This the Bottom?
The analyst also highlighted Arbritrum (ARB) as an altcoin worth keeping an eye on. ARB is a Layer 2 blockchain that has seen an 18.92% increase in the past week. Before investing in ARB, traders should observe if it can maintain its price above $0.60.
On the other hand, Celestia (TIA) is up 14.88% in the past week but is down 10.73% in the past 30 days. Crypto Stream warned that TIA is a risky asset and investors should only consider it if they’re prepared for potential losses. Another cryptocurrency the analyst advised against is HEX (HEX).
Memecoins: A Cooling Market?
Meme coins on the Tron ecosystem, including SUN and SUNDOG, are experiencing a correction, Crypto Stream noted. Other leading meme cryptocurrencies like Popcat (POPCAT) and dogwifhat (WIF) aren’t showing significant gains either and have nothing exciting to offer at the moment.
Finally, the analyst touched on NEIRO, a cryptocurrency that gained attention after another digital asset with a similar name was listed on Binance and skyrocketed while NEIRO plummeted.
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