Bitcoin is breaking out of resistance and is predicted to shoot up to new highs soon, it is incidental for Altcoins to follow suit and rally back up.
As the month of August approaches Popular Analyst Lark Davis lists out 5 altcoins that are poised to surge.
Davis begins his list with Ethereum (ETH), stating that the second-largest cryptocurrency by market capitalization will be updated on August 4th with the launch of London Hardfork.
The London Hard Fork will change the Ethereum network’s transaction pricing models. The change, according to Davis, is a major driver that might lead to a more bullish narrative around ETH in the coming month.
Next up on the list is the layer 2 scaling solution protocol Polygon MATIC. The token has gone from $0.02 to $2.45 printing 13150% gains in the quarter.
Davis believes MATIC Price still has a lot of potential going ahead. Making an ultra bullish prediction, the analyst calls for the token to hit $5 and $10 in the near term.
LUNA, the native token of decentralized payment network Terra, is the third coin on the trader’s list. Davis lists a number of significant catalysts that could help LUNA surge in the near future.
The highly anticipated Columbus-5 upgrade, which will overhaul LUNA’s tokenomics and provide support for interchain assets like Solana (SOL) and Cosmos (ATOM) is the major one.
“All this stuff right here is mega-, mega-important. It all has good positive price catalysts for the LUNA asset.”
Polkadot is the fourth coin. Davis mentions the recent parachain auctions on Kusama, Polkadot’s canary network, and speculates that DOT may soon hold its own.
He says, Polkadot’s big brother chain, the DOT network, will have its own parachains in the not-too-distant future, and I expect we’ll hear about it very soon.
I think very very soon we’re going to see parachain auctions announced for the Polkadot network, and that means we’re going to see that hype building into the launch of parachains on Polkadot.”
Cardano is the last cryptocurrency on Davis’ radar for August (ADA). The analyst claims that ADA has been a “very strong coin” during the last year, stating that its price has increased by about 60 times since 2020.
According to Davis, Cardano’s smart contract implementation, which is set to begin in September, might be the catalyst that propels ADA to the next level.