ETH, SOL, XRP, SUI & LINK
The post Here’s What’s Next For Major Altcoins: ETH, SOL, XRP, SUI & LINK appeared first on Coinpedia Fintech News
Popular crypto analyst Altcoin Buzz has speculated that Ethereum (ETH) could reach $4,000 by May. The analyst highlights a trend of constant whale accumulation across various altcoins, suggesting a bullish outlook for the market.
Solana (SOL) has witnessed a busy week, experiencing a 25% surge over the past seven days. The price has rebounded above $100, returning from a dip below $80. This aligns with increased network activity ahead of the Jupiter token airdrop scheduled for January 31st. The airdrop is associated with Dex aggregator Jupiter, with nearly one million wallets eligible for free tokens.
While Solana is still below its 2021 peak, the positive momentum is attributed to its ecosystem’s upcoming token launch and airdrop events. The recent launch of a meme coin associated with Jupiter’s token launch pad garnered significant attention, though the coin faced a decline in value.
Standard Chartered, a British multinational bank, has projected a potential Ethereum value surge to $4,000 by May. The bank anticipates the approval of Ethereum ETFs by the US Securities and Exchange Commission (SEC) before the May 23rd deadline. If approved, these ETFs are expected to provide investors with exposure to Ethereum without purchasing and storing the digital asset directly.
The report suggests that Ethereum’s value, currently at $2,300, could benefit from the approval of ETFs, similar to the positive impact observed with Bitcoin ETFs in the past.
What’s Happening with Altcoins?
Ripple’s XRP has faced challenges in January, but there are potential indicators of a positive trajectory for 2024. Legal victories in 2023, including a court ruling that XRP tokens are not securities, have provided positive catalysts for the cryptocurrency. Ripple Labs also secured key partnerships globally, indicating potential increased demand for XRP.
Chainlink (LINK) has seen accumulation by large whales, with addresses purchasing 57 million LINK tokens worth $855 million in the past 30 days. Despite market turbulence, these whales continued to accumulate, displaying confidence in the long-term potential of Chainlink.
Sui, a layer-one blockchain created by former Meta developers, has experienced growth in its DeFi ecosystem. With a total value locked (TVL) surpassing $430 million, Sui has entered the top 10 blockchains globally by TVL, surpassing notable projects like Cardano and Bitcoin.
