The crypto market is sending mixed signals heading into the final week of July and before August begins. However, some altcoins are showing signs of potential growth next month owing to certain events.
BeInCypto has analysed three such altcoins that the investors should watch going forward.
Helium (HNT)
Helium’s price is currently trading at $3.64, forming a cup-and-handle pattern, signaling potential bullish momentum. This pattern is typically followed by an upward price movement, confirmed by a slight pullback experienced last week. If market conditions remain favorable, this could lead to further gains for HNT.
As Helium prepares for its halving event, the annual supply of HNT will be reduced by 50%, dropping from 15 million to 7.5 million coins. This reduction in supply is expected to put upward pressure on the price of the altcoin. Consequently, Helium could rise past $4.18 and aim for $4.82.
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However, if there is significant selling pressure ahead of the halving, it could trigger a price correction. In such a scenario, HNT might fall to $3.13 or lower, invalidating the bullish outlook.
Optimism (OP)
Optimism (OP) has been one of the top-performing tokens recently, surging 19.3% in the last 24 hours, trading at $0.86. This rise is bolstered by positive sentiment ahead of the upcoming token unlock in August.
In early August, 31.34 million OP tokens, worth $25.6 million, will enter circulation. This token unlock could shift the supply-demand balance, potentially influencing OP’s price. Market expectations are high, and the altcoin could surge past $0.90, aiming for $0.98, and potentially reaching the $1.00 mark in the near term.
However, should the token unlock lead to a bearish reaction, the influx of tokens may cause OP’s price to fall. A price drop below $0.80 could push OP down to $0.69, invalidating the bullish outlook.
Sui (SUI)
SUI price has risen 13.7% over the past three days, currently trading at $4.24. This surge comes ahead of a significant event—a token unlock scheduled for this week. A total of 44 million SUI tokens, worth over $186 million, will enter circulation, which could influence the price dynamics.
The Parabolic SAR indicator below the candlesticks suggests that the altcoin is likely to continue its uptrend. If this momentum holds, SUI could break past the $4.35 resistance level and push toward $4.79 in the coming days, signaling further positive movement for the cryptocurrency.
However, if investors begin to sell, the altcoin could face a significant price drop. A move below $4.12 could trigger a decline to $3.93, potentially reaching $3.69, which would invalidate the bullish scenario.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
