With the start of the second quarter, the crypto market has gained momentum, with many tokens showing strong performances in the second half of April. Following Bitcoin, most altcoins have seen significant improvements, displaying triple-digit gains. Some altcoins are even approaching their all-time highs, reflecting an increase in market optimism and growth.
BeInCrypto has analyzed three such altcoins that are close to forming new all-time highs in the coming month.
Walrus (WAL)
WAL increased by 50% last week, reaching a price of $0.622. This strong growth also led to the altcoin achieving a new all-time high (ATH) of $0.690. Recent gains reflect increasing investor interest and confidence in the altcoin's performance in the market.
Currently, WAL is only 11% away from surpassing its ATH and potentially forming a new high at $0.750. However, this progress depends on maintaining bullish momentum. If market conditions remain favorable and buying pressure continues, WAL may break this resistance and move toward a target of $0.750. If investors decide to sell early and bullish momentum fades, WAL may face difficulties in maintaining the upward trend. Failure to break the resistance level of $0.634 may lead to a drop to $0.546. This would nullify the current bullish outlook and signal a potential correction in the altcoin's price.
Saros (SAROS)
SAROS has not shown significant gains this month, but it still reached a new all-time high (ATH) of $0.1712 before falling to $0.1311 at the time of writing. Despite the drop, the altcoin remains in a range that may allow for potential recovery and further price growth.
Currently, SAROS is facing resistance at $0.1344, and breaking this level is crucial for the altcoin to return to its ATH of $0.1712. A successful breakout would pave the way to $0.2000, giving the altcoin a strong opportunity to continue its upward movement if bullish momentum is maintained. If SAROS fails to break resistance at $0.1344, it may remain consolidated above $0.1153. Failure to hold above this level would jeopardize the bullish forecast, potentially leading to further declines and nullifying any potential for short-term growth.
BNB
BNB is currently valued at $609, needing a 30% increase to reach its all-time high (ATH) of $793. However, strong market conditions and investor support, which have been lacking throughout April, are necessary to achieve this. A sustained rally will be crucial for the altcoin to regain its ATH.
Currently, BNB is under nearly a five-month downtrend, facing significant resistance. A 30% increase is needed to break this trend and reach $793. If BNB can surpass the $700 mark, it will confirm that the altcoin is on its way to challenging its previous ATH and establishing a new high. However, BNB is struggling to gain momentum among investors, complicating such growth. Failure to break resistance at $618 may lead to a decline, where BNB could fall below $600. If this happens, BNB may drop to $576, further nullifying the bullish outlook and continuing its downtrend.
XRP
XRP is emerging from a descending wedge that has held since the beginning of the year. Currently trading at $2.28, the altcoin is heading towards the resistance level of $2.40. A successful breakout would indicate potential for continued upward momentum, boosting optimism among investors.
Despite the recent increase, XRP is still more than 48% below its all-time high (ATH) of $3.40. A sustained rally or bull market could push XRP towards its ATH, especially if the current breakout is confirmed. Successfully flipping $2.56 into support would indicate that further gains are likely. If XRP fails to break resistance at $2.40, a price reversal may occur, leading to a drop back to $2.02. Such a move would nullify the bullish outlook, and XRP could return to a descending wedge.
$saros