The crypto market shows mixed signals, and BeInCrypto lists five altcoins to keep an eye on in August 2024 for potential investment opportunities.
Points
- Flow （FLOW） is set to witness the arrival of the Crescendo Network Upgrade on August 14.
- Conflux （CFX） will undergo a major hard fork on August 6.
- Solana （SOL） became an institutional favorite with the highest inflows after Ethereum in July.
- Starknet （STRK） is preparing for its next upgrade, expected to increase its transaction capacity.
- Axie Infinity （AXS） recently closed its open beta testing for the Homeland Avatar Mode.
The crypto market exhibited mixed signals in the month of July: many altcoins noted exceptional growth while others suffered.
Flow （FLOW）
Flow is set to witness the arrival of the Crescendo Network Upgrade, which will be launched on the Testnet on August 14. The deployment’s biggest focus is enhancing the network’s scalability and decentralization.
This is expected to push the demand and bullishness surrounding the FLOW price, which is currently trading at $0.65. Breaching the resistances at $0.81 and $0.96 could push the altcoin beyond $1.00.
However, failure to do so could also result in consolidation under $0.96, which had been the case for FLOW from mid-April to mid-June.
Conflux （CFX）
Conflux is about to undergo a major hard fork, which is aimed at improving the network’s performance, security, and overall functionality. The hard fork, scheduled for August 6, will bring multiple changes to the network, including a potential increase in the Proof of Stake （PoS） lock/unlock/retire periods.
The CFX price could see some volatility around this time, potentially for the good. This could help the altcoin break the consolidation of $0.17 and $0.14 and aid Conflux in recovering the early June losses.
But if volatility favors the bears, this consolidation could continue. Losing the support of $0.14 could even intensify the drawdown, pushing the price below $0.10.
Solana （SOL）
Solana became an institutional favorite during the month of July as it became the altcoin with the highest inflows after Ethereum. Racking up $27.6 million as of July 26, SOL outperformed Litecoin, XRP, and Chainlink.
This could help SOL successfully achieve the 31% rally target presented by the bullish double-bottom pattern. Solana’s price could, as a result, hit the price of $245.
However, if the current decline continues this bullish thesis could be invalidated. SOL is down by 11% in the last five days, trading at $164 and could fall to $150 or lower.
Starknet （STRK）
Starknet is preparing for its next upgrade, which is scheduled for the end of August. This upgrade will introduce Parallel Execution to the network, and the transaction per second （TPS） capacity of the network is expected to increase to 250 following this upgrade.
This would also help STRK’s price recover from the all-time low it established at the start of August. The altcoin is currently trading at $0.456, recovering mildly from the ATL of $0.424.
A bounce back could send STRK price towards the resistance at $0.619. Breaching and flipping it into support would enable further recovery, bringing the price to $1.043 and higher.
Axie Infinity （AXS）
Axie Infinity recently closed its open beta testing for the Homeland Avatar Mode Open Beta. This mode is currently in maintenance, and the Avatar Mode Beta is set to launch towards the end of August.
This is a major upgrade for the network, and its effects can be seen in the AXS price. The altcoin is currently facing a potential drawdown owing to the formation of the head-and-shoulder pattern.
While AXS has not fulfilled the drawdown yet, it has not invalidated the pattern either. A bounce back from $5.35 is expected, but a decline below it could send AXS price towards $4.07 and lower.
A rally, on the other hand, could push the price to $7.00 and higher
invalidating the bearish thesis.
解説
- Flow （FLOW）: The upcoming Crescendo Network Upgrade aims to enhance Flow’s scalability and decentralization, potentially boosting its price if it breaks key resistance levels.
- Conflux （CFX）: The major hard fork scheduled for August 6 is set to improve Conflux’s network performance and security, with the potential to break out of its current consolidation phase.
- Solana （SOL）: Institutional interest has driven high inflows into Solana, which could help achieve a 31% rally if it maintains its bullish double-bottom pattern.
- Starknet （STRK）: The anticipated upgrade introducing Parallel Execution is expected to significantly increase the network’s transaction capacity, aiding price recovery from all-time lows.
- Axie Infinity （AXS）: The closure of open beta testing and the upcoming launch of the Avatar Mode Beta are critical developments for Axie Infinity, with potential impacts on its price depending on market reaction.
Investors should monitor these altcoins closely, considering both technical developments and broader market trends to make informed decisions.