- August has arrived, and the cryptocurrency market has been sending mixed signals, prompting investors to tread carefully with their portfolio decisions.
- While many altcoins experienced substantial growth in July, others faced significant losses.
- Crypto analyst Aaryamann Shrivastava shares his top five altcoins to watch this month for potential investment opportunities.
Discover the top crypto picks for August and what makes them stand out in the evolving digital currency landscape.
Flow (FLOW): Anticipating Crescendo Network Upgrade
Flow is set to launch the Crescendo Network Upgrade on Testnet on August 14th. The primary goal of this upgrade is to enhance the network’s scalability and decentralization. Currently trading at $0.65, Flow could see increased demand and price appreciation post-upgrade. Successfully breaking the resistance levels at $0.81 and $0.96 could propel FLOW beyond the $1.00 mark. Conversely, failing to do so may lead to consolidation below $0.96, reminiscent of the period between mid-April and mid-June.
Conflux (CFX): Upcoming Hard Fork and Its Implications
Conflux is gearing up for a significant hard fork on August 6th, which aims to bring multiple Proof of Stake (PoS) enhancements to the network to bolster its performance, security, and overall functionality. Depending on market response, this period could help CFX break its consolidation range between $0.17 and $0.14, potentially recovering from losses experienced earlier this year. However, if the volatility favors the bears, CFX might continue its consolidation or even drop below the $0.14 support level, possibly dipping under $0.10.
Solana (SOL): Institutional Favorite
Solana emerged as a favorite among institutional investors in July, second only to Ethereum. As of July 26th, SOL had garnered $27.6 million, outperforming other notable altcoins such as Litecoin, XRP, and Chainlink. This institutional support could help SOL achieve its bullish double-bottom formation target of a 31% rally, potentially reaching $245. However, a continuation of the current downtrend could invalidate this bullish scenario, with SOL possibly retracting to $150 or lower.
Starknet (STRK): Preparing for a Major Upgrade
Starknet is preparing for its next major upgrade, expected at the end of August, which will introduce Parallel Execution to the network. This enhancement is anticipated to increase the network’s transactions per second (TPS) capacity to 250, aiding in the recovery of STRK’s price from its all-time low earlier this month. Currently trading at $0.456 after a slight rebound from its $0.424 ATL, a successful upgrade could push STRK towards the $0.619 resistance and beyond, potentially hitting $1.043.
Axie Infinity (AXS): Awaiting Beta Launch of Homeland Avatar Mode
Axie Infinity recently concluded the open beta testing for Homeland Avatar Mode, which is now under maintenance and expected to relaunch by the end of August. This significant upgrade could impact AXS’s price, currently contending with a head and shoulders formation suggesting potential decline. A rebound from $5.35 remains a possibility; however, a drop below this level could drag AXS down to $4.07 or lower. Conversely, a rally could invalidate the bearish pattern and propel AXS above $7.00.
Conclusion
In summary, August presents a mix of opportunities and risks in the cryptocurrency market. With key network upgrades and institutional interest driving specific altcoins, investors should keep a close eye on Flow, Conflux, Solana, Starknet, and Axie Infinity to navigate these dynamic market conditions effectively. As always, thorough research and cautious investment strategies are recommended.
