Forget Ethereum (ETH), These Altcoins Gearing Up for Next Rally

All eyes have been recently on the world’s second-largest cryptocurrency Ethereum (ETH) which is scheduled to undergo the Shanghai hardfork later today, April 12. On Monday, the Ether (ETH) price surged above $1,9000 showing bullish momentum ahead of the major upgrade.

Although the crypto community’s attention remain glued to Ethereum at this point, there are other altcoins with strong on-chain setup and are showing signs of a potential rally in the near term. Let’s take a look at each of them.

1. Ripple’s XRP

Ripple’s native crypto XRP has been holding above the $0.50 levels strongly as of now. Popular crypto analyst Ali Martinez explains that the XRP is on the verge of a breakout which could push it all the way to $0.080. Sharing the technical setup for XRP, he wrote:

XRP may be on the brink of a 47% surge if it secures a 3-day candlestick close above $0.54. A successful breakout could catapult #XRP to $0.80!

As per the latest report, XRP whales have scooped more than 150 million XRP as Ripple drops a new proposal, dubbed Hooks, for the XRP Ledger.

2. Polygon (MATIC)

This is another altcoin to keep on investors’ radar for the time being. Polygon’s native crypto MATIC has registered a strong momentum recently with 33% gains year-to-date. The MATIC price continues to hold above $0.10. However, the MATIC price has corrected by nearly 33% since the peak of $.160 in mid-February.

But Ali Martinez explains that Polygon (MATIC) has seen strong accumulation recently. The analyst added:

Around 52,410 addresses acquired ~4.81B $MATIC in the $0.9 – $1 range, forming a strong support zone that could fend off new lows for #MATIC. Conversely, to break out, #Polygon must tackle the resistance between $1.14 & $1.30, where 48,760 addresses hold ~1.66B MATIC.

3. Avalanche (AVAX)

Ethereum’s Layer-1 competitor Avalanche (AVAX) is up by more than 70% year-to-date and over 20% over the last month showing signs of upward momentum. The social volumes for AVAX have surged in recent times which could provide a catalyst for the AVAX price. On-chain data provider Santiment explains:

In February 2023, when the price of #Avalanche reached $21, there was minimal social volume and sentiments were stagnant. However, during the current pullback, there has been a notable increase in both social volume and positive weighted sentiment in the $AVAX market.