As a volatile January comes to a close, buyers are in a strong position in the market. With Bitcoin showing healthy signs above $43,000, altcoins are preparing to capitalize on this dynamic. Additionally, as sentiment improves, investor resistance to entering the altcoin market is expected to decrease.
Finding such altcoins that have the potential to deliver noteworthy performance can be a healthy task! To address this crisis, Coinpedia presents the top four altcoins that could outperform the market in early February.
Solana (SUN)
Despite being in the top five altcoins, SOL price moves quickly and shows high demand for Solana at low levels. With a recovery rally up 425% over the past 125 days, SOL price action shows a bullish retest of the round bottom breakout on the weekly chart.
Additionally, the upward trend in trading volume has resumed, supporting a reversal after the retest, increasing the likelihood of a bull market in February. Optimistically, a break above the 50% Fibonacci level could push SOL price up to $180.
Currently, SOL price is trading at 98.96%, giving this altcoin an upside potential of over 80%.
Ripple (XRP)
Another large coin that could surpass Bitcoin and Ethereum with a February pump is Ripple (XRP). With a market capitalization of $27.66 billion, the price of XRP is trading at $0.50, an important psychological indicator for recovery in early February.
As a highly volatile coin in 2023, the upside potential of XRP coin is noteworthy in February 2024.
Despite continued weakness, the bullish gap in the daily RSI lines portends a quick reversal for the XRP cryptocurrency. Considering the reversal breaks the overhead trend line, the XRP price trend could reach $0.72. However, the dead cross on the daily chart warns of another case if the price fails to maintain dominance above $0.50.
Dogecoin (DOGE)
As the biggest meme coin, the potential for fast and intense movements in DOGE is always greater than in other large altcoins. The 10th altcoin ranking with $11.28 billion belongs to this meme coin and reflects its popularity globally.
Despite trading at a low of -89.29% from its all-time high, the DOGE cryptocurrency is heading higher to break the $0.10 barrier.
With a strong position at the 200-day EMA, Mimcoin is waiting for a sharp leap forward and a market recovery to break the 52W high. This shows that the Dogecoin price is likely to reach $0.15 in February 2024.
Oasis Network (ROSE)
Appearing as the lowest cap altcoin on this list, Oasis Network’s potential is astronomical not only in February, but throughout 2024. As the altcoin recently broke the $0.10 barrier, it is attracting the attention of several traders and even institutions.
A rally occurs as trading volume surges beyond the short-term resistance trend line. Therefore, it is quite possible that the ROSE price will surge in early February. Optimistically, if the upward trend crosses $0.14, the altcoin could reach $0.18, a 50% increase from its current market price.