Bitcoin surged past $58,000 following a rise in U.S. tech stocks and expectations of a potential 25 basis point interest rate cut by the Fed this month. However, Bitcoin ETFs saw outflows of $43 million on Wednesday, breaking a two-day inflow streak. Altcoins have also slipped into the green zone, with hopes of rallying soon.
Analyst Miles Deutscher took to his latest video and discussed altcoins from four main sectors: Layer One (L1) coins, meme coins, real-world asset (RWA) coins, and AI coins
Is Solana’s potential greater compared to Ethereum?
For this cycle, the analyst identifies Solana (SOL) as his top L1 choice. Although it might seem like a predictable selection, Solana is considered a reliable option for steady performance throughout the current cycle.
From a technical perspective, Solana is at a critical support level around $120. If this support holds, it could set the stage for a rebound. However, if it falls below this level, the next significant support is at $97, which corresponds to previous breakdown points from 2021 and 2022.
Meme Coins For The Win
The analyst identified Whiff and Pepe as top picks. Whiff, a meme coin in the Solana ecosystem, had a great rise earlier this year but has recently shown weakness, with a key support level around $1.40.Pepe, linked to Ethereum and famous for the Pepe frog meme, remains a strong performer despite market fluctuations, with potential for gains if the Ethereum ecosystem picks up again.
Real World Assets (RWA) to soon gain traction in the market?
In the RWA space, the analyst said that there are only a few major options. The analyst believes that Mantra (OM) stands out as the strongest candidate within the RWA sector due to its interesting narrative and price action.
Although Ondo is also fundamentally strong, upcoming major unlocks could negatively impact its price performance. Thus, Mantra is preferred for its more favorable price trends and narrative stability.
AI Tokens To Lead The Recovery Rally
The analyst believes that AI is a leading sector with high recovery potential, even after recent downturns. Render Token (RNDR) is his top choice because it focuses on infrastructure, has shown resilience in price movements, and benefits from a halving supply mechanism similar to Bitcoin.
NEAR Protocol is mentioned as a strong alternative, given its role in AI data solutions and good price responsiveness. Additionally, World Mobile Token (WMT) was stressed as an underrated deep tech project, with possibility for growth expected from its upcoming launch on major exchanges.
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