The cryptocurrency market has left behind a year in which Bitcoin (BTC) surged over 160%, starting 2024 with expectations of significant developments such as the approval of a spot bitcoin ETF and the block reward halving. The major cryptocurrency’s price trend throughout 2023 has led to sharp increases in many altcoins, with some recording rises of over 1000%. Experienced cryptocurrency analyst and trader Captain Faibik has listed two altcoins that he believes are on the verge of a major breakout.
Two Altcoins Under the Analyst’s Spotlight
The first altcoin that caught the attention of cryptocurrency analyst and trader Captain Faibik is Filecoin (FIL). The analyst emphasized that the breakout of the main trend line in FIL has been confirmed, predicting a medium-term target of $25 for the altcoin.
With current data, FIL has risen by 13.86% in the last 24 hours, trading at $6.98. The analyst’s expected target level corresponds to an increase of 258%.
The second altcoin listed by the analyst is Solar (SXP). The analyst noted that SXP is still moving below the main trend line and has not experienced a significant rally for some time. According to Captain Faibik, SXP is very close to breaking the main trend line, and such a breakout could lead to a significant rally, pointing to a target level of $1.1586.
SXP, at the time this article was prepared, has seen a rise of 4.07% in the last 24 hours, trading at $0.417. A rise to the level indicated by the analyst would mean an increase of 177%.
Current State of the Cryptocurrency Market
Bitcoin has seen a very limited decrease of 0.07% in the last 24 hours, trading at $42,509. The altcoin king Ethereum (ETH) has also decreased by 0.43% in the last 24 hours, trading at $2,285, in parallel with Bitcoin’s decline. With these movements in the two largest cryptocurrencies, there has been a 0.59% outflow from the cryptocurrency market in the last 24 hours, reducing the total market value to $1.65 trillion.
Looking at the list of the most rising and falling altcoins of the day, 1inch Network’s 1INCH is on the rising side. 1INCH has increased by 21.90% in the last 24 hours, trading at $0.5202. On the falling side is FTX Token’s FTT, which has decreased by 7.08% in the last 24 hours, trading at $3.03.
