As the crypto market shows mixed signals, here are five altcoins to watch in August 2024. These tokens have potential developments that could impact their prices significantly.
Points
- Flow （FLOW）: Crescendo Network Upgrade.
- Conflux （CFX）: Major hard fork.
- Solana （SOL）: High institutional inflows.
- Starknet （STRK）: Parallel Execution upgrade.
- Axie Infinity （AXS）: Launch of Homeland Avatar Mode Beta.
The cryptocurrency market exhibited mixed signals in July, with some altcoins showing exceptional growth while others faced declines. As we enter August, it is crucial to identify potential tokens to add to your portfolio. BeInCrypto has curated a list of five altcoins to watch this month, each poised for significant developments.
Flow （FLOW）
Flow is set to launch the Crescendo Network Upgrade on the Testnet on August 14, focusing on enhancing the network’s scalability and decentralization. This upgrade is expected to drive demand and bullish sentiment for FLOW, currently trading at $0.65. Breaking resistances at $0.81 and $0.96 could push the token beyond $1.00. Failure to do so may result in consolidation under $0.96.
Conflux （CFX）
Conflux is gearing up for a significant hard fork on August 6, aimed at improving network performance, security, and functionality. This upgrade could lead to price volatility, potentially breaking the current consolidation between $0.17 and $0.14 and recovering from early June losses. However, if volatility favors the bears, the price could drop below $0.10.
Solana （SOL）
Solana saw the highest institutional inflows after Ethereum in July, accumulating $27.6 million as of July 26. This inflow supports a potential 31% rally target set by the bullish double-bottom pattern, potentially driving SOL to $245. However, if the current decline continues, the bullish outlook could be invalidated, with SOL potentially falling to $150 or lower.
Starknet （STRK）
Starknet is preparing for its next upgrade at the end of August, introducing Parallel Execution to the network. This upgrade will increase the transaction per second （TPS） capacity to 250, aiding STRK’s price recovery from its all-time low of $0.424. A successful upgrade could drive the price towards resistance at $0.619 and beyond $1.043.
Axie Infinity （AXS）
Axie Infinity recently closed its open beta testing for the Homeland Avatar Mode Open Beta. This mode is in maintenance, with the Avatar Mode Beta set to launch at the end of August. The token faces a potential drawdown due to a head-and-shoulder pattern. A bounce back from $5.35 is expected, but a decline below this level could push AXS towards $4.07 or lower. Conversely, a rally could drive the price to $7.00, invalidating the bearish outlook.
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