As the first half of 2024 draws to a close, the crypto market appears to be on the verge of a massive bull cycle following the US Securities and Exchange Commission’s (SEC) approval of an Ethereum spot ETF, opening the door to altcoins for institutional investors.
This bullish sentiment is particularly beneficial for several cryptocurrencies approaching significant milestones in terms of market cap, including the notable $10 billion mark.
Analyst Aneena Alex identified two cryptocurrencies that are likely to surpass this level. These predictions depend not only on the continuation of the bull run, but also on the potential benefits of high supply inflation, which could lead to an increase in market value even if price movements remain minimal.
The first cryptocurrency on the list is NEAR Protocol (NEAR) which, according to the analyst, is poised for significant growth, driven by its role as a leading blockchain for mainstream applications, processing millions of transactions daily.
Two cryptocurrencies that will rise
With a current price of $7.81 and a market cap of $8.42 billion, NEAR’s focus on democratizing AI ownership and improving scalability, including sharding, strengthens its position in the market.
In recent months, NEAR trading activity has soared, with increased demand in the open interest market signaling potential price increases.
Despite market declines, NEAR has shown resilience, rising 13% in the last month and 113% since the beginning of the year. This trend is in line with broader trends in AI tokens.
“Technical indicators are bullish, with NEAR trading well above its 200-day simple moving average (SMA), currently fluctuating between $6.71 and $8.68. The next resistance level is at $9.59, and breaking it could target $11.56,” he said.
Polygon
Meanwhile, second on the list is Polygon (MATIC) which is making waves with its Ethereum (ETH)-friendly scaling solutions. However, the short-term outlook for Polygon price looks bleak. This is because most indicators suggest consolidation.
“Trading near a resistance level of $0.72 and holding support at $0.60, breaking this resistance could push Polygon towards $0.84,” he pointed out.
The analyst points out that MATIC’s scalability solution and growing institutional interest are the main growth drivers. Despite a market slowdown after a strong first quarter, Polygon is primed for recovery. The cryptocurrency aims to regain the $1 mark soon.
“To reach a market value of US$10 billion, Polygon must sustain its growth, driven by technological advances and strategic partnerships. Its robust base and market appeal position it well for this target”, he concluded.
Source: https://www.criptofacil.com/analista-indica-2-criptomoedas-que-podem-atingir-us-10-bilhoes-de-marketcap/
